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 [Statoil] last week -- and offloaded its only asset in Denmark in September.
Now Chevron has agreed to transfer its 20 percent stake in the PL859 license in the Barents Sea, off Norway’s northern tip, to DNO ASA. The deal, first reported by Upstream, “implies that Chevron Norge AS shuts down its operations in Norway and leaves the Norwegian shelf permanently,” the ministry said in the letter.
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I'll Be Missing You
From the official Norwegian chart list: reached number one in Norway on July 14, 1997, and stayed there for ten weeks.
Bruce.... hello do you plan on posting any new drilling permits ? I appreciate all your efforts
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