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Chevron looks to shed North Sea oil, gas assets in United Kingdom


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Chevron looks to shed North Sea oil, gas assets in United Kingdom

Chevron Corp. is looking to shed several of its North Sea oil and gas fields in the United Kingdom.

"Chevron regularly reviews its global portfolio to assess whether assets are strategic and competitive for future capital," a spokeswoman from Chevron said in a July 5 email. "Chevron Upstream Europe is undertaking a review of its portfolio. A decision has been taken to initiate the process of marketing all our UK Central North Sea assets."

The Chevron assets include the Alba, Alder, Britannia, Captain, Elgin/Franklin, Erskine and Jade fields, as well as the Britannia platform and its satellites, the spokeswoman added.

Like many of its peers, Chevron is looking to sell off its North Sea assets and focus on other, more prolific production areas.

ConocoPhillips said July 3 that it will sell a portion of its interest in the U.K.'s Clair field to BP PLC and will acquire BP's stakes in the Greater Kuparuk Area in Alaska and Kuparuk Transportation Co. The company will sell a subsidiary holding a 16.5% stake in the Clair field to BP. ConocoPhillips will still hold a 7.5% interest in the field.

Through its subsidiary Chevron North Sea Ltd., in 2017, the company's net daily production in the North Sea averaged 50,000 barrels of liquids and 155 MMcf.