Oslo — Chevron is selling its last remaining oil exploration licence in Norway, putting it one step closer to a full retreat from the ageing North Sea basin as it seeks higher returns elsewhere. Chevron’s activity off Norway has been limited for years, but the decision to relinquish its last asset there again shows its reluctance to bet on mature regions such as Northern Europe. The company is seeking to sell most of its UK fields — it agreed to divest its stake in the Rosebank project to Equinor ASA last week — and offloaded its only asset in Denmark in September. Barents Sea Now Chevron has agreed to transfer its 20% stake in the PL859 licence in the Barents Sea, off Norway’s northern tip, to DNO, according to a September 28 letter from the Norwegian energy ministry obtained by Bloomberg. The deal, first reported by Upstream, "implies that Chevron Norge shuts down its operations in Norway and leaves the Norwegian shelf permanently", the ministry said in the letter. Chevron and DNO...

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