Chevron planning UK North Sea exit

ABERDEEN, May 16, 2024 – Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported on Thursday.

The agency said the US player confirmed the divestment plans in a statement, making it the latest oil and gas major to exit the ageing basin.

Chevron’s assets in UK North Sea waters include a 19.4% stake in the area’s top-producing field, the 120,000-bpd Clair oilfield in the West of Shetland region, operated by BP. The stake is held through subsidiary Chevron Britain.

It is also looking to divest a marginal interest in the Sullom Voe oil terminal and its stakes in the Ninian and SIRGE pipeline systems, which are both linked to the hub, the company told Reuters.

Chevron said its international headquarters in London and technology centre in Aberdeen would not be affected by the divestment.

The agency cited a source as saying the move could raise up to USD 1 billion for Chevron.

Photo of operations at the Clair field courtesy of Chevron.