U.S. Oil Major Chevron Quits Norway
U.S. based oil producer Chevron has exit the Norwegian oil game in hopes to concentrate oil plays in the United States and Kazakhstan.
The company will transfer the 20% exploration license to Norwegian firm DNO after certain government hurdles are accomplished. The deal is expected to take several months to close.
Chevron’s Norwegian exit comes as the oil and gas major is also looking to sell several of its assets in the UK North Sea after it decided to start the process of marketing all its assets in the UK Central North Sea this summer.
Earlier this month, Equinor signed a deal to buy Chevron’s 40-percent stake in the Rosebank project northwest of the Shetland Islands, in what the Norwegian oil major said was one of the largest undeveloped fields on the UK Continental Shelf.
WTI Crude is still trading in the low $70 dollar range, off of this month’s $76 high.