JPT ConocoPhillips Considering Sale of North Sea Assets?

Stephen Whitfield, Senior

SPE.org 

The Jasmine field is one of several ConocoPhillips-operated assets in the UK North Sea. ConocoPhillips is preparing to sell its fields in the North Sea, according to a Reuters report. Citing sources in the oil and gas industry and in banking, the news agency said the operator’s decision is part of an overall effort to focus on US shale operations. While ConocoPhillips has not launched a formal process or appointed a bank to manage a potential sale, the report said that the company’s executives have had discussions with a number of North Sea operators and bankers in the region to test the waters. Reuters said that the sale could net as much as $2 billion, though it was not clear how much of ConocoPhillips’ portfolio would be available, or if the company would put its Norwegian North Sea assets up as well.

  Country: Europe (0.40)
  Industry: Energy > Oil & Gas > Upstream (1.00)
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