ConocoPhillips to sell UK oil and gas business for $2.68bn

19/04/2019 09:07 Energy

news

US energy giant ConocoPhillips is selling its oil and gas business in the UK to Chrysaor Holdings in a deal worth $2.68 billion (£2bn).

It includes two of ConocoPhillips subsidiaries, which indirectly hold the company’s production and exploration assets as well as associated decommissioning liabilities.

 

It will retain its London-based commercial trading business and its 40.25% interest in the Teesside oil terminal.

 

The assets being acquired – which is said to make Chrysaor the largest net oil and gas producer in the UK – produced around 72,000 barrels of oil equivalent per day (boepd) in 2018.

Source: energylivenews.com

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