Exploration & Production

Chevron becomes first major to leave Norwegian Continental Shelf

Chevron has agreed to transfer its 20% stake in exploration licence PL859 on the Norwegian Continental Shelf to Norway’s DNO
By Staff reporter 11 October 2018 0 32865

Chevron has agreed to transfer its 20% stake in exploration licence PL859 on the Norwegian Continental Shelf (NCS) to Norway’s DNO, Reuters reported on Wednesday.

The decision formally marks the United States-based major’s exit from the NCS, making it the first company of its kind to do so.

“[The decision means that] Chevron Norway shuts down its activities […] and leaves the NCS permanently,” the newswire quoted the Norwegian oil and energy ministry as saying in a letter to Chevron dated...