End of an era looms as Chevron seeks UK exit

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Following a subdued start to 2024, the North Sea M&A market has burst into life. Private-equity owner HitecVision is considering a sale of UK focussed NEO Energy. Ithaca and Eni have annouced a US$1 billion combination of their UK upstream business. Now Chevron is reportedly selling its remaining UK Continental Shelf (UKCS) assets, including its 19.42% non-operated stake in the giant Clair field West of Shetland. Using Wood Mackenzie's Lens Upstream, we discuss: How the UK fits in Chevron's global portfolio The key drivers for a Chevron UK exit The importance of Clair in a UK context The investment and production outlook for Clair And what this tells us about potential buyers

Table of contents

  • Executive summary
  • Rationale for an exit
  • It's all about Clair
  • Downside risks
  • Likely buyers

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    End of an era looms as Chevron seeks UK exit

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