JPT Chevron Prepares To Sell Central North Sea Assets

Stephen Whitfield, Senior

SPE.org 

Alba is among the six fields Chevron plans to put up for sale as part of its divestment of UK Central North Sea assets. Chevron has begun a process to sell several of its oil and gas fields in the UK Central North Sea as part of a re-evaluation of its European activities. Reuters reported that the assets under consideration include the Alba, Alder, Captain, Elgin/Franklin, Erskine, and Jade fields, along with the Britannia platform and its satellites. Chevron is the latest US-based company to back out of the North Sea. A day before its announcement, ConocoPhillips agreed to a swap deal with BP, giving the British operator a 16.5% stake in the Clair Field in exchange for BP’s 39.2% stake in the Greater Kuparuk oil field in Alaska, as well as a 38% interest in the Kuparuk Transportation Co. Kevin Swann, a research analyst of North Sea upstream at Wood Mackenzie, said Chevron’s move is continuing a trend of major operators divesting their non-core UK assets.