Chrysaor Takes On ConocoPhillips' UK Assets For Over USD2.7 Billion

LONDON (Alliance News) - UK-based Chrysaor Holdings Ltd is to buy the UK oil and gas business of ...

Alliance News 18 April, 2019 | 1:30PM
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LONDON (Alliance News) - UK-based Chrysaor Holdings Ltd is to buy the UK oil and gas business of US giant ConocoPhillips Co, it said Thursday.

Chrysaor will pay USD2.77 billion for the assets, which produced around 72,000 barrels of oil equivalent per day in 2018.

This acquisition boosts Chrysaor's production to 177,000 barrels of oil equivalent per day, which it said makes it one of the UK's North Sea's biggest producers.

The assets contained more than 280 million barrels of oil equivalent of proved and probable reserves, with a "significant" contingent resource on top. Chrysaor now has proved and probable reserves of over 600 million barrels of oil equivalent.

The three main assets being taken on are Britannia and J-Block, as well as the "world class" Clair field, west of the Shetland Islands.

Chysaor Chair Linda Cook commented: "We are excited to play a role in the natural evolution of the North Sea and to enable the safe transfer of assets from major oil companies such as ConocoPhillips to new, well-funded, privately-owned operators."

"This process results in a good deal for both the seller and the buyer, with new asset owners such as Chrysaor bringing the strategy and capital required for reinvestment and growth."

"The outcome is a reinvigorated oil and gas sector, an extension of the producing life of existing fields and the maximisation of hydrocarbon resource recovery," she continued.

By George Collard; georgecollard@alliancenews.com

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