SAN FRANCISCO, July 30 -- Chevron Corp. announced Tuesday it has sold its interests in four producing oil fields in the northern section of the North Sea to Oryx U.K. Energy Co. for an undisclosed price. The interests were held by Chevron U.K. Ltd. and include the Lyell, Hutton, Murchison and Ninian oil fields.
Richard Matzke, president of Chevron Overseas Petroleum Inc., said, 'Chevron accepted the offer from Oryx because the mature North Sea fields no longer fit the company's long-term strategies, and together represented less than 10 percent of the total value of Chevron's interests in the United Kingdom Continental Shelf.' Robert Connon, managing director of Chevron Europe, said the sale of these assets allows the company to focus its resources on developing a new generation of North Sea assets. Connon said the sale also includes Chevron's interests in the Columba B field, the Brent and Ninian pipeline systems, the Sullom Voe terminal, and some exploration acreage. Chevron U.K. Ltd. will retain its interest in the Statfjord field and continue as interim operator of Ninian. Chevron operated Ninian even before the first oil began to flow to the platform in 1978. 'We will now be better positioned to concentrate our resources on progressing a newer generation of assets, which currently include our operations at Alba, Britannia and Clair,' Connon said. 'These assets, in part, will serve as our foundation for future growth.' Chevron has opportunities west of the Shetland Islands and west of Ireland and indicated that the company's financial resources could now be redirected to these new areas, Connon said.
