A portfolio overview has been accomplished and a choice has been taken to provoke the method of promoting Chevron’s 19.4 p.c non-operated working curiosity within the Clair Area and related belongings within the UK North Sea.
That’s what a Chevron spokesperson instructed Rigzone, including that this consists of varied working pursuits within the Sullom Voe Terminal, the Ninian Pipeline, and the SIRGE Pipeline. The method is predicted to take a number of months and should or might not end in a sale, the spokesperson instructed Rigzone.
“As a part of Chevron’s deal with sustaining capital self-discipline in each conventional and new energies, we often overview our world portfolio to evaluate whether or not belongings are strategic and aggressive for future capital,” the spokesperson stated.
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The Chevron spokesperson highlighted that Chevron’s determination isn’t associated to the UK’s political setting, current bulletins regarding the UK Windfall Tax, considerations round enterprise efficiency, or the competitiveness of the UK basin.
“The announcement pertains to assessing a world portfolio that gives greatest shareholder return,” the spokesperson stated.
In an announcement posted on its web site again in March, business physique Offshore Energies UK (OEUK) stated a Conservative get together funds announcement extending the windfall tax on North Sea oil and fuel producers was a disappointing blow to the business which dangers jobs, funding, and financial progress.
Earlier this 12 months, OEUK warned in an announcement posted on its website that 42,000 jobs and GBP 26 billion ($32.9 billion) of financial worth could be worn out underneath new Labour proposals to increase the windfall tax on UK oil and fuel producers.
Chevron’s presence within the UK North Sea spans greater than 55 years, the corporate states on its web site, including that its enterprise pursuits “generate financial impacts at a number of ranges throughout the UK economic system and in many alternative methods, from capital investments, taxes, jobs, manufacturing and know-how improvement, to supporting a world class provide chain and the worldwide procurement of UK items and providers”.
Chevron outlines on its website that its upstream actions within the UK comprise a 19.4 p.c non-operated working curiosity within the Clair Area and related belongings. This curiosity is held by way of the corporate’s subsidiary Chevron Britain Restricted, the positioning reveals.
The Clair area lies 47 miles west of the Shetland Islands within the North Sea and extends over an space of 85 sq. miles in water depths of roughly 460 toes, the positioning states. Found in 1977, throughout Blocks 206/7a, 206/8, 206/9, 206/12 and 206/13a. Clair is among the UK’s largest hydrocarbon sources, it provides, noting that oil and fuel are exported through pipelines to the Sullom Voe Terminal on the Shetland Islands.
Along with its Clair Area belongings, Chevron has a number of different pursuits and operations within the UK, in accordance with its website.
This consists of its UK International Expertise Centre (GTC), which was established in 2007. That is described on the positioning as a strategic extension of Chevron’s Power Expertise Firm and enhances Chevron’s present know-how amenities in Houston and Richmond in the USA and Perth, Australia.
“It gives a hub of technical excellence that helps Chevron’s world portfolio of initiatives,” the positioning states.
Chevron has additionally positioned the headquarters for 3 of its main regional organizations within the UK, the positioning factors out. From its London workplaces, the corporate operates its exploration and manufacturing actions for Europe, Eurasia and the Center East, European lubricants gross sales and advertising and marketing, and pure fuel buying and selling, in accordance with the positioning.
London can also be the regional headquarters for Chevron’s Completed Lubricants operations in Europe, the Center East and Africa and a regional hub for the Chevron Marine Lubricants enterprise offering assist to marine lubricant actions globally, the positioning reveals.
Chevron’s London workplace is residence to one of many firm’s 4 world buying and selling flooring and it’s additionally one in all transport’s key regional workplaces, the positioning outlines. Chevron transport additionally opened a marine studying and improvement middle in Glasgow, Scotland, the positioning highlights.
The corporate notes on the positioning that its downstream enterprise within the UK is performed by way of its subsidiary Chevron Merchandise UK Restricted.
To contact the creator, e-mail andreas.exarheas@rigzone.com
