Chevron Corp. (NYSE:CVX) is set to sell its remaining oil and gas assets in the UK North Sea, concluding its 55-year presence in the region.
The U.S. energy giant’s decision to divest comes as it gears up for the $53 billion acquisition of Hess Corp. (NYSE:HES), a move that involves up to $20 billion in global asset sales, reported Reuters.
The North Sea exit signifies another step in the gradual retreat of leading oil and gas companies from the aging British basin, which led the way in deepwater production in the 1970s.
Chevron’s holdings include a 19.4% stake in the BP plc (NYSE:BP)-operated Clair oilfield, the largest in the British North Sea, producing 120,000 barrels per ...