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Chevron to quit North Sea after 55 years

Published 2024-05-16, 08:06 a/m
© Reuters.  Chevron to quit North Sea after 55 years

Proactive Investors - Oil giant Chevron Corporation (NYSE:CVX, ETR:CHV) says it is preparing to sell the last of its assets in the North Sea (NYSE:SE), leaving the region for the first time in 55 years.

A sale will involve the group's divestment of its 19.4% stake in the Cair oilfield, the BP-operated site located to the west of the Shetland region.

It is the largest oilfield in the North Sea, producing an average of 120,000 barrels per day.

Chevron is currently preparing for its US$53 billion acquisition of rival Hess and has pencilled in the sale of US$20 billion worth of its assets to support the move.

Earlier this week, senator Chuck Schumer warned that the deal should be blocked to avoid gas prices being hiked.

Schumer, who serves as senate majority leader, took to social media X to dispute the merger, which would see Chevron gain a larger footprint in the US and a stake in the Guyana discoveries held by rival Exxon Mobil (NYSE:XOM).

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