Chevron, a U.S.-based oil giant, has announced today that it will divest its interest in its Dutch North Sea assets.
The company’s subsidiary, Chevron Netherlands Holdings B.V. has entered into a share sale agreement to sell its shares in Chevron Exploration and Production Netherlands B.V., including its interest in Chevron Transportation B.V., to Petrogas International E&P Coӧperatief U.A., which is a subsidiary of Oman-based Petrogas E&P LLC (part of MB Holding group of companies).
“Chevron has enjoyed a long-standing relationship with the people and government of the Netherlands; however, our decision to enter into the share sale agreement for these upstream assets 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.
The transaction includes the sale of the Chevron subsidiary’s interests in 11 offshore blocks on the Dutch Continental Shelf, which in 2013 had an average net daily production of approximately 2,000 barrels of crude oil and 41 million cubic feet of natural gas.
The sale also includes 100 per cent of the shares in Chevron Transportation B.V., which owns offshore and onshore crude oil and natural gas handling and transportation infrastructure.