Chevron is set to sell its North Sea interests, including a 19.4% stake in the Claire oilfield, following a review of its global operations to prioritize strategic and competitive assets.
The decision to exit the North Sea after over 55 years is not directly linked to the UK government's tax regime, with the timing coinciding with discussions on potential tax changes for oil companies.
Chevron will also divest its stake in key infrastructure such as the Sullom Voe Terminal, the Ninian pipeline, and the Shetland Islands Regional Gas Export pipeline, highlighting a significant shift in their operations.
The Claire oilfield, the largest in the UK's North Sea basin, is a major asset that produces 120,000 barrels of oil per day, with reserves of up to 8 billion barrels, making it an attractive investment for potential buyers.
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