Chevron preparing to sell North Sea oil assets, Reuters reports

Chevron (CVX) is preparing to launch a sale of its remaining North Sea oil and gas assets in the U.K., Reuters reports. The exit, which would include a 19.4% stake in the BP (BP)-operated Clair oilfield in the West of Shetland region, comes as Chevron prepares for the $53B acquisition of rival Hess (HES). Chevron is also seeking to sell its marginal interests in the Sullom Voe oil terminal, as well as the the Ninian pipeline SIRGE pipeline systems which are both linked to Sullom Voe. According to one industry source, the sale could raise up to $1B excluding tax benefits, with the process expected to be formally launched in June.