Chevron is set to commence the sale of its remaining UK North Sea assets, which will mark the US energy giant’s departure from the basin after more than five decades, reported Reuters.   The planned divestment is part of Chevron's strategy to refocus its portfolio and follows the company’s $53bn deal to acquire Hess.

U.S. energy giant is looking to end more than five decades of oil and gas production in the ageing hydrocarbon basin as it seeks cost effective plays elsewhere.

Chevron is preparing to divest all its remaining operations in the UK North Sea as it looks to focus on its most profitable assets.

Chevron's (CVX) exit from the North Sea follows the trend that several other U.S. oil companies have exhibited owing to the declining production in the region.

Shell and ExxonMobil are nearing a $500m (£390m) deal to offload two gas sites in the North Sea amid the companies’ ongoing retreat from the UK’s oil basin. The duo are putting the finishing touches to a deal to sell the Clipper and Leman Alpha installations in the southern region of the North Sea to UK-based start-up Viaro Energy.

Chevron will sell its remaining UK North Sea oil and gas assets, bringing an end to more than 55 years of operations in the region. The US oil major said the decision to leave the North Sea was not related to the UK tax regime,

The US energy giant, the third-largest in the world by market value, is putting its assets up for sale. A successful deal could raise an estimated £800m.

American energy super major confirmed it would market its assets in the basin, thought to be worth up to one billion dollars.

Chevron (NYSE:CVX) is set to launch the sale of its remaining U.K. North Sea oil and gas assets, in a move that would mark the company's exit from the aging basin after more than 50 years, Reuters reported Thursday.