Chevron Set to Exit UK North Sea

Chevron is preparing to launch a sale process to divest all its remaining operations in the UK North Sea as it looks to focus on the most profitable assets in its portfolio and finalize the $53-billion acquisition of Hess Corporation. With the planned divestment of its UK assets, Chevron would exit the basin after 55 years, the U.S. supermajor told Reuters in a statement on Thursday, confirming the plans. Chevron, which has been active in the UK North Sea for more than 55 years, holds a 19.4% non-operated working interest in…