08:24 AM EDT, 05/16/2024 (MT Newswires) -- Chevron ( CVX ) is gearing up to sell its remaining UK North Sea oil and gas assets, marking its exit from the region after over 55 years, Reuters reported on Thursday, citing the company.

The sale process includes Chevron's ( CVX ) 19.4% stake in the BP-operated Clair oilfield, the report said. The planned sale will also include interests in the Sullom Voe oil terminal and the Ninian pipeline SIRGE systems, it added.

The sale will be officially launched next month and is expected to raise up to $1 billion, Reuters reported, citing industry sources.

The North Sea exit coincides with Chevron's ( CVX ) preparations for its $53 billion acquisition of rival Hess, according to the report.

Chevron ( CVX ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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