Chevron Corp., one of the largest U.S. oil corporations, has announced its plans to divest its assets in the English North Sea. The American oil giant has operated in this region for more than 55 years, as reported by the Financial Times. This move is part of a strategic shift following a comprehensive review of Chevron’s global asset portfolio, which aims to concentrate on more strategic and competitive projects. Chevron has clarified that its decision to exit is not influenced by the tax regime or political environment in England.

It’s worth noting that in the UK, energy companies are subject to a 75% tax on profits. This tax policy has led to the withdrawal of several major foreign corporations from the English sector of the North Sea. For instance, ExxonMobil ceased its operations in this area three years ago.