ConocoPhillips sells off UK North Sea assets for £2bn

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ConocoPhillips is pulling out of UK exploration and production after selling its North Sea oil and gas assets to Chrysaor for $2.68bn (£2bn).The sale will boost Chrysaor's production by about 72,000 barrels a day to 177,000 - making it one of the UK's biggest operators. The deal, expected to complete in late 2019, requires regulatory approval. ConocoPhillips said it would retain its London‐based commercial trading business. It will also keep its 40.25% interest in the Teesside oil terminal. The assets being purchased by Chrysaor include two new operated hubs in the UK Central North Sea ‐ Britannia and J‐Block - and an interest in the Clair Field area located west of Shetland.


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