ConocoPhillips eyeing North Sea fields sale

Reuters has reported ”Conoco moves to sell North Sea oilfields,”  citing unnamed industry and banking sources, who reportedly said that Conoco was looking to focus on its shale operations in the US.

Writing about the Conoco North Sea portfolio, the news agency mentioned the company’s stake in BP’s Clair field, and the Britannia and J-Area, consisting of Judy/Joanne, Jade, and Jasmine fields, all in the UK North Sea.

Reuters reported that the company could get as much as US$2 billion.

It is unclear if ConocoPhillips is also looking to sell its Norwegian North Sea assets as well.

Those include the Greater Ekofisk Area, Alvheim field, and varying ownership interests in five other producing fields in the Norway sector of the North Sea. Conoco also owns acreage in the Norwegian Sea.

A spokesperson for ConocoPhillips said, ”Unless formally announced by the company, we don’t comment on business development activity.”

Source: Offshore Energy Today