Chevron to sell its oil and gas assets in the North Sea after more than five decades

US energy giant Chevron is putting its North Sea assets up for sale

US energy giant Chevron is putting its North Sea assets up for sale

Chevron will sell its remaining oil and gas assets in the North Sea as it leaves the region after more than five decades.

The US energy giant, the third-largest in the world by market value, is putting its assets up for sale. A successful deal could raise an estimated £800million.

Chevron was among the first oil companies to drill in the North Sea in the 1960s, but has withdrawn from exploration and production after offloading its drilling assets in 2019.

The latest move would see it pull out of its remaining interests, including a 19.4 per cent stake in the Clair oilfield, west of Shetland in Scotland.

It follows a trend of Chevron selling off its legacy assets to focus on low-cost projects.

The Clair oilfield, the largest in the British North Sea, is operated by BP and produces about 120,000 barrels per day.

The sale would also involve offloading Chevron’s interests in the Sullom Voe oil terminal, also in the Shetland Islands and operated by energy company Enquest.

That includes the Ninian and SIRGE pipelines, which are linked to Sullom Voe.

Chevron said: ‘As part of maintaining capital discipline in traditional and new energies, we regularly review our global portfolio to assess whether assets are strategic and competitive for future capital.

‘A decision has been taken, to initiate the process of marketing Chevron’s 19.4 per cent non-operated working interest in the Clair Field and associated assets. 

The process is expected to take multiple months and may or may not result in a sale.’

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