US energy giant Chevron puts its North Sea assets up for sale
Chevron will sell its remaining North Sea oil and gas assets as it exits the region after more than five decades.
The American energy giant, the third in the world by market value, puts its assets up for sale. A successful deal could raise approximately £800 million.
Chevron was one of the first oil companies to drill in the North Sea in the 1960s, but withdrew from exploration and production after divesting its drilling assets in 2019.
The latest move would see it withdraw from its remaining interests, including a 19.4 percent stake in the Clair oil field west of Shetland in Scotland.
It follows a trend by Chevron to sell its legacy assets to focus on low-cost projects.
The Clair oil field, the largest in the British North Sea, is operated by BP and produces around 120,000 barrels per day.
The sale would also involve divesting Chevron’s stakes in the Sullom Voe oil terminal, also in the Shetland Islands and operated by energy company Enquest.
This includes the Ninian and SIRGE pipelines, which are connected to Sullom Voe.
Chevron said: ‘As part of maintaining capital discipline in traditional and new energy, we periodically review our global portfolio to assess whether assets are strategic and competitive for future capital.
‘The decision has been made to begin the process of marketing Chevron’s 19.4 percent non-operated labor interest in Clair Field and associated assets.
The process is expected to take several months and may or may not result in a sale.
