Chevron Will Leave the UK North Sea after More than 55 Years of Operation
American Chevron Corp. will sell its remaining oil and gas assets in the British part of the North Sea, where it has operated for more than 55 years, the Financial Times writes, citing a company statement.
The decision follows a review of Chevron’s global portfolio to identify strategic and competitive assets from a “future capital” perspective and is not related to taxes (energy companies pay 75% of profits in the UK) or the country’s political climate, Chevron said.
Major oil companies are leaving the basin, focusing on newer fields around the world, the FT notes. ExxonMobil left it in 2021.
