Chevron is set to fully exit Aberdeen, closing its offices by December 2026 as part of a global restructuring and cost-saving initiative.
US oil and gas major Chevron has announced its decision to close its Aberdeen offices, effectively concluding its over five-decade-long presence in the Granite City. The closure, slated to occur between December 2025 and December 2026, is a key component of Chevron's wider strategy to optimize its global portfolio and achieve $3 billion in savings by the end of next year.
The move comes after Chevron's gradual withdrawal from the North Sea, which saw the company offload most of its UK North Sea business, including drilling assets, to Ithaca Energy in a £1.6 billion deal in 2019. While Chevron was among the pioneers in North Sea oil exploration in the 1960s, its current operations in the region are limited to a 19.4% stake in BP's Clair oilfield, as well as shares in the Sullom Voe oil terminal and the Ninian and SIRGE pipeline systems. These remaining assets are managed by other operators.
A spokesperson for Chevron stated, "As part of Chevron’s focus on optimising our global portfolio, we are simplifying our organisational structure. Consequently, a decision has been made to close our Aberdeen office." The company emphasized that this streamlining is intended to "improve efficiency, drive stronger competitive performance and enhance our long-term competitiveness."
The precise impact on jobs in Aberdeen remains unclear, though Chevron confirmed it has a "small specialist team" currently based there. Globally, the energy giant is looking to cut up to 20% of its existing workforce as part of its cost-reduction drive.
Despite its departure from Aberdeen, Chevron will maintain a presence in the UK through its London office, which will continue to serve as an "important regional hub." This decision reflects a broader trend among major energy companies to consolidate operations and focus on high-margin assets, particularly in basins offering lower operational costs and higher returns.
Chevron expressed pride in its extensive legacy in Aberdeen, acknowledging the technical expertise and contributions of its local workforce over the past 55 years. The company stated, "We are very proud of our long legacy in Aberdeen, and we appreciate the technical expertise, and many talented people connected to our Aberdeen office who have contributed to Chevron’s success."
The exit of another major player from Aberdeen underscores the ongoing evolution of the North Sea oil and gas landscape, where rising costs and declining production in a mature basin are prompting companies to reassess their strategic priorities.
