Chevron is planning to sell its remaining UK North Sea oil and gas assets in a move that would mark its exit from the region after more than 55 years.
The planned sale comes as the American oil major prepares for its $53 billion acquisition of Hess, a rival, which it had said previously would include up to $20 billion in asset sales worldwide.
The departure of Chevron from the North Sea will be the latest step in a retreat of big oil and gas companies from the emptying basin. Deepwater production was pioneered in the North Sea in 1970s, but it has been in decline as companies focus on newer assets elsewhere.
Rishi Sunak has pledged to “max out” remaining North Sea reserves and
