Deals
Chevron Quits Norway as Wider Retreat Looms From North Sea
- U.S. major sells Barents license to DNO after exploration miss
- Company also aims to divest most U.K. assets after Danish exit
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Chevron Corp. is selling its last remaining oil exploration license in Norway, putting it one step closer to a full retreat from the aging North Sea basin as the U.S. major seeks higher returns elsewhere.
Chevron’s activity off Norway has been limited for years, but the decision to relinquish its last asset there again shows its reluctance to bet on mature regions such as northern Europe. The company is seeking to sell most of its U.K. fields -- it agreed to divest its stake in the Rosebank project to Equinor ASA last week -- and offloaded its only asset in Denmark in September.