Chevron are set to be the latest major oil firm to pull out of the North Sea after agreeing a £1.58bn sale of their assets.
The deal with the Israeli owned oil company Ithaca Energy will see 500 employees transfer over and said they see “exciting growth opportunities.”
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Ithaca chief executive Les Thomas said, “The acquisition of CNSL (Chevron North Sea Ltd) is a significant step forward in the long-term development of Ithaca Energy and underlines our belief in the North Sea, particular in the UK Central North Sea where the enlarged business will own a range of interests in a number of key producing assets.”
