Chevron (NYSE:CVX) is preparing to sell its remaining oil and gas assets in the UK North Sea, signaling its departure from the region after more than five decades.

The move is part of the American energy giant's broader strategy to focus on more lucrative assets worldwide, particularly as it gears up for the $53 billion acquisition of Hess Corporation, which will also see Chevron divesting up to $20 billion in assets globally.

This strategic exit underscores a wider trend among major oil companies, gradually withdrawing from the British North Sea—a region known for pioneering deepwater production in the 1970s but now considered a mature basin.

The assets up for sale include Chevron's 19.4% stake in the Clair oilfield, the largest in the British North Sea, currently operated by BP and producing about 120,000 barrels per day.

Additionally, Chevron is looking to offload its interests in the Sullom Voe oil terminal and associated pipeline systems, including the Ninian and SIRGE pipelines.

The sales are anticipated to fetch up to $1 billion, excluding tax benefits, with the formal sale process expected to commence in June, according to industry sources.