The American energy giant Chevron is putting its assets in the North Sea up for sale
Chevron will sell its remaining oil and gas assets in the North Sea as it leaves the region after more than 50 years.
The American energy giant, the third largest in the world by market value, is putting its assets up for sale. A successful deal could generate an estimated £800 million.
Chevron was one of the first oil companies to drill in the North Sea in the 1960s, but has retreated from exploration and production after divesting its drilling assets in 2019.
This latest move sees the company 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 of Chevron selling its old 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 include the divestment of Chevron’s interests in the Sullom Voe oil terminal, also in the Shetland Islands and operated by energy company Enquest.
This also includes the Ninian and SIRGE pipelines, which connect 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 made to begin the process of marketing Chevron’s 19.4 percent non-operated working interest in Clair Field and related assets.
The process is expected to take several months and may or may not lead to a sale.”