OSLO (Reuters) - U.S. oil firm Chevron
Oil majors, including Exxon Mobil
Chevron is also seeking to sell assets in the British North Sea in order to focus on growing U.S. onshore shale production as well as the giant Tengiz field in Kazakhstan.
According to a letter from the Norwegian oil and energy ministry to Chevron dated Sept. 28. and obtained by Reuters, Chevron has agreed to transfer its 20-percent stake in an exploration license in the Arctic, called PL859, to Norway's DNO
The decision means that "Chevron Norway shuts down its activities in Norway and leaves the NCS permanently", the ministry wrote.
A spokeswoman for Chevron confirmed to Reuters that the company reached the deal with DNO in July but did not disclose its value.
"The transaction is subject to certain conditions and approvals, and is expected to take a number of months to close," she said.
Oil industry trade paper Upstream was the first to report the existence of the letter on Wednesday.
The ministry said it has agreed on the transfer of the stake provided Chevron guarantees to cover its share of decommissioning costs at Draugen, an oilfield currently in production.
Chevron sold its 7.56 percent stake in the Draugen field to Austria's VNG in 2014 for an undisclosed sum.
BP no longer holds direct stakes in the Norwegian fields, but owns 30 percent of Norway's Aker BP
Equinor said on Oct. 1 it had agreed to buy Chevron's 40-percent stake in the Rosebank field off the Shetland Islands.
(Reporting by Nerijus Adomaitis; Editing by Kirsten Donovan)