Chevron puts UK Clair oil field up for sale in North Sea exit

(Bloomberg) — Chevron Corp. put its stake in the UK’s Clair oilfield up for sale in a move that will mark the US supermajor’s exit from the North Sea after more than half a century.

Chevron has started marketing its 19.4% stake in the BP Plc-operated Clair field, the California explorer said in a statement Thursday. The company also plans to sell interests in the Ninian and SIRGE pipelines, as well as the Sullom Voe Terminal.

“The process is expected to take multiple months and may or may not result in a sale,” Chevron said. Reuters earlier reported the planned divestment. 

US oil giants like Exxon Mobil Corp. and ConocoPhillips have been reducing their North Sea footprints since production began declining in the early 2000s. The region is now dominated by European companies and, more recently, private equity backed drillers.  

The sale is part of Chevron’s broader plan to divest as much as $15 billion of assets as it streamlines its portfolio ahead of its $53 billion takeover of Hess Corp. The proceeds would free up cash to help fund buybacks and invest in a stake in a significant Guyanese oil discovery as part of the Hess acquisition.