Chevron signs deal to exit Dutch North Sea

Offshore staff

VOORBURG, the Netherlands – Chevron Netherlands Holdings has agreed to an offshore asset transfer with Petrogas International E&P, a subsidiary of Oman-based Petrogas E&P LLC.

The transaction includes Chevron Exploration and Production Netherlands’ interests in 11 offshore blocks in the Dutch North Sea, which last year generated net production of around 2,000 b/d of crude oil and 41 MMcf/d (1.2 MMcm/d) of natural gas; and 100% of the shares in Chevron Transportation B.V., which owns offshore and onshore crude oil and natural gas handling and transportation infrastructure.

“Our decision…was a result of the company’s drive to focus on assets more aligned with our long-term strategic growth objectives,” said Craig May, managing director, Chevron Upstream Europe.

09/22/2014

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