Chevron (NYSE: CVX) Reconsiders North Sea Drilling Efforts

Brian Hicks

Written By Brian Hicks

Posted November 22, 2013

Chevron (NYSE: CVX) Reconsiders North Sea Drilling Efforts

Chevron is suspending its $10 billion Rosebank deepwater drilling efforts off of the Shetland Islands to the northeast of England. The project has been placed under review by the company because of its prohibitively high costs.

Norwegian energy company Statoil ASA is also delaying its investment into UK-area North Sea drilling. Representatives from Statoil said they have “reconsidered the concept,” and have temporarily shelved the multi-billion dollar project.

All told, these delays amount to just under $20 billion in UK drilling projects which would yield important tax revenue until 2015.

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