Chevron Set to Offload North Sea Oil and Gas Holdings

Chevron’s Big Exit from the North Sea

After 55 years of drilling, Chevron is poised to let go of its last oil and gas holdings in the North Sea, potentially netting itself £791 million. The move marks the end of an era for the American energy giant.

Why the Exit?

Chevron pulled out of new drilling in 2019, selling off its core exploration gear.
Like a seasoned retiree, the company is trimming its portfolio to keep capital tight and focus on future ventures.

What’s Becoming History?

The company will sell its 19.4% stake in the Clare oilfield, the largest production site in the North Sea that churns out about 120,000 barrels a day.
Chevron will also divest its interests in the Sullom Voe oil terminal, a joint venture run by EnQuest.
Other bits on the line include stakes in the Ninian Pipeline and the SIRGE Pipeline.

Spokesperson’s Take

“Once you decide to lock in capital discipline, you start reviewing the whole portfolio,” a Chevron spokesperson told Reuters. “We’ve wrapped up a review and will begin marketing our interests in the Clare Field and related assets. The process takes months and could—or might not—lead to a sale.”