Chevron is set to commence the sale of its remaining UK North Sea assets, which will mark the US energy giant’s departure from the basin after more than five decades, reported Reuters. Chevron’s decision to exit the UK North Sea is part of a broader trend among leading oil and gas companies, which are gradually withdrawing from the mature British basin to concentrate on more recent global discoveries. Its holdings in the region include a 19.4% interest in the BP-operated Clair oilfield, the largest in the British North Sea, which currently produces 120,000 barrels per day. In 2019, Chevron divested many of its North Sea holdings to Ithaca Energy, echoing similar actions by ExxonMobil and Shell over the past decade. Chevron has clarified that the North Sea sale is not influenced by the UK Government’s 35% windfall tax imposed on North Sea producers after the spike in energy prices in 2022.

Source: The North Africa Journal May 17, 2024 02:59 UTC