Chevron to sell oil and gas assets in North Sea

Chevron are preparing to sell their remaining oil and gas assets in the North Sea after 55-years, which could raise up to £791 million.

Chevron is the third largest energy company globally and the American energy giant announced on Thursday their intention to sell, Reuters reported acknowledging several sources.

Chevron started to drill in the North Sea in the 60s and then in 2019 the company pulled out of exploration after the firm offloaded their drilling assets.

The latest plans will see the super major pull their remaining assets which includes a 19.4% stake in the Clare oilfield, Shetland which is the largest in the North Sea which produces 120,000 barrels a day.

Chevron will offload their interests in the Sullom Voe oil terminal which is operated by EnQuest.

A Chevron spokesperson said, “As part of Chevron’s focus on maintaining capital discipline in both traditional and new energies, we regularly review our global portfolio to assess whether assets are strategic and competitive for future capital.

“A portfolio review has been completed and a decision has been taken, to initiate the process of marketing Chevron’s 19.4% non-operated working interest in the Clair Field and associated assets in the UK North Sea.

“This includes various working interests in the Sullom Voe Terminal, the Ninian Pipeline, and the SIRGE Pipeline.

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