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Chevron to sell off its remaining North Sea oil and gas fields

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: Chevron plans to sell its remaining North Sea oil and gas fields, including a 19.4% stake in the Clair oilfield, marking an end to over five decades in the region
• This sale could generate up to $1 billion

🔭 The context: Chevron's decision follows a global review of its operations to determine strategic and competitive assets
• The company denies any link to the UK's 35% windfall tax on North Sea producers, despite the timing coinciding with industry pressure on the UK government to reduce this tax.

🌍 Why it matters for the planet: The sale of these assets could signal a shift in the focus of major oil companies away from older, declining fields towards new, potentially less regulated areas, impacting global energy dynamics and climate policies

⏭️ What's next: Chevron will sell its interests in the Clair oilfield, Sullom Voe Terminal, Ninian pipeline, and Shetland Islands Regional Gas Export pipeline
• The market will closely watch the response from potential buyers and the future tax policies affecting North Sea oil production

💬 One quote: “The decision to leave the North Sea after more than 55 years operating in UK waters followed a review of its global operations to set which assets remain 'strategic and competitive'.” - Chevron spokesperson

📈 One stat: The Clair oilfield produces about 120,000 barrels of oil a day and holds reserves of up to 8 billion barrels

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