Daily Management Review

Chevron to leave British part of North Sea after over 55 years in business


According to the company’s statement, U.S. Chevron Corp. will sell its remaining oil and gas assets in the British portion of the North Sea, where it has been active for over 55 years, as reported by the Financial Times.

Roo Reynolds
Roo Reynolds
The choice was made after Chevron's worldwide portfolio was examined to find competitive and strategic assets in terms of "future capital."

Energy corporations in the UK pay taxes equal to 75% of their income, thus it has nothing to do with the political climate there, according to Chevron.

According to the FT, major oil corporations are abandoning the basin in favor of more recent discoveries worldwide. ExxonMobil had departed in 2021.

source: ft.com