Conoco sells UK North Sea oil assets to Chrysaor for $2.7B

ConocoPhillips has agreed to sell its oil and gas assets in the British North Sea to private equity-backed Chrysaor for $2.68 billion, making Chrysaor the biggest producer in the region this year.

For Conoco, the disposal is part of a continuing refocus on its U.S. operations.

The Conoco assets produced 72,000 barrels of oil equivalent per day (boed) last year, the U.S. company said.

Chrysaor said the deal, which will be backdated to start in January last year and which is subject to regulatory approval, would bring it up to 177,000 boed pro forma in 2018 and 185,000 boe per day in 2019.

The sale is expected to close in the second half of the year, and Chrysaor will pay unspecified interest in the deal, which is not included in the $2.68 billion.

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