US company denies decision is linked to UK’s 35% windfall tax on North Sea producers
Chevron’s sale will include a 19.4% stake in the giant Claire oilfield in the West of Shetland region, which could raise up to $1bn.Chevron’s sale will include a 19.4% stake in the giant Claire oilfield in the West of Shetland region, which could raise up to $1bn.Chevron is preparing to call time on more than five decades in the North Sea with a plan to sell its remaining oil and gas fields in the ageing oil basin.
The company denied that the decision was linked to the UK government’s tax regime, which imposed a 35% windfall tax on North Sea producers after the surge in global energy markets after Russia’s invasion of Ukraine in early 2022. The Claire oilfield is the largest in the UK’s North Sea basin. It produces about 120,000 barrels of oil a day and holds reserves of up 8bn barrels. Chevron will sell its interests in the Sullom Voe Terminal, the Ninian pipeline and the Shetland Islands Regional Gas Export pipeline.
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