Energy giant Chevron Chevron has decided to call time on its operations in the North Sea, potentially ending more than five decades of oil and gas production in the ageing hydrocarbon basin.
Chevron's (CVX) exit from the North Sea follows the trend that several other U.S. oil companies have exhibited owing to the declining production in the region.
The Hess (HES) acquisition would grant Chevron (CVX) a substantial stake in the lucrative Stabroek Block offshore Guyana.
US company denies decision is linked to UK's 35% windfall tax on North Sea producers
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Oil giant Chevron Corporation (NYSE:CVX, ETR:CHV) says it is preparing to sell the last of its assets in the North Sea, leaving the region for the first time in 55 years. A sale will involve the group's divestment of its 19.4% stake in the Cair oilfield, the BP-operated site located to the west of the Shetland region.