Chevron to pull out of North Sea exploration


Chevron are set to be the latest major oil firm to pull out of the North Sea after agreeing a £1.58bn sale of their assets.

The deal with the Israeli owned oil company Ithaca Energy will see 500 employees transfer over and said they see “exciting growth opportunities.”

Ithaca chief executive Les Thomas said, “The acquisition of CNSL (Chevron North Sea Ltd) is a significant step forward in the long-term development of Ithaca Energy and underlines our belief in the North Sea, particular in the UK Central North Sea where the enlarged business will own a range of interests in a number of key producing assets.”