Chevron (NYSE: CVX) is set to exit the UK North Sea as it looks to sell its remaining oil and gas assets in the region, Reuters has reported.
The move would mark the end of the US supermajors presence in the region after more than 55 years.
Sources told Reuters that the planned divestment comes as Chevron prepares to acquire Hess for $53 billion. The purchase will include assets sales of $10-15bn.
Chevron’s UK North Sea assets include a 19.4% stake in the BP-operated Clair oilfield in the West of Shetland.
Chevron is also seeking to sell its interests in the Sullom Voe oil terminal, along with stakes in the Ninian and SIRGE pipeline systems.
Reuters reported one industry source saying that the sale could raise up to $1bn, excluding tax benefits. They also told the news outlet that the process is expected to be formally launched in June.
Chevron has said that the sale will not impact the operations at the company’s international headquarters in London or its technology centre in Aberdeen.
Chevron previously moved its Aberdeen employees to an office block on the third floor of Marischal Square 2.
The move followed the sale of its UK North Sea business to Ithaca Energy as part of a £1.6bn deal completed in November 2019.
This saw Ithaca take up the lease on Chevron’s former base at Hill of Rubislaw in Aberdeen and retained 450 Chevron employees, including 200 offshore.
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