☰
The sale would mark the exit of the Conoco from the ageing basin after 50 plus years of operations and is expected to rope in $2B
Eni, an Italian multinational oil and gas company has teamed up with HitecVision, a private equity firm, for bidding against Chrysaor’s offer for US energy producer ConocoPhillip's oil and gas assets in the North Sea.
Sources familiar with the matter informed that after Ineos, an energy and chemicals firm privately owned by Jim Ratcliffe, had abandoned discussions with the company, Conoco relaunched its sales process over recent weeks.
Apparently, the sale, which would mark the exit of the Conoco from the ageing basin after 50 plus years of operations, was expected to bring in up to $2 billion. To bid for the assets, Eni is partnering with HitecVision of Norway.
Sources further reported that in December, after merging their company’s Norwegian assets to create independent manufacturer Var Energi, the two firms are looking to strengthen cooperation in the North Sea.
Chrysaor, sponsored by private equity of EIG Global Partners, has become one of the biggest producers in the North Sea after obtaining assets for $3.8 billion from Royal Dutch Shell in 2017.
Phil Kirk, Chief Executive Officer of Chrysaor stated that the company wants to grow operations of the company in the basin.
According to the sources, before Ineos entered into exclusive talks, Chrysaor was already eyeing the assets of Conoco and was now working towards preparing a formal bid. In addition, Chrysaor was expected to continue with its bid for North Sea assets of Chevron.
ConocoPhillips, whose production in North Sea near Britain reached to 75,000 barrels of oil equivalent per day in 2017, mentioned that the company was continuing to going ahead with the sale process for its North Sea assets in Britain with several parties, without disclosing their names.
Sources informed that the total of assets include a 7.5% stake in the Clair field region of Shetlands, which is operated by BP and also the holdings in the J-Block hubs and the Britannia.
An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...
Swiftly Systems has reportedly achieved unicorn status, securing in funding through a Series C round. The prominent BRV Capital Management led this funding initiative. According to the earlier reports, Swiftly was adopted by hundreds of consumer b...
As per the reports, twelve nations with rainforests united to establish a collective initiative aiming to address climate change and safeguard biodiversity at summit held in Brazil. The declaration, titled "United for Our Forests," emerged ...
Meta Platforms has recently introduced Llama 2, an artificial intelligence large language model, for commercial use in collaboration with major cloud providers like Microsoft. Instead of charging for access or usage, Meta aims to share the model with...
Moderna Inc, a leading vaccine manufacturer, reportedly announced on Wednesday that it has entered into a memorandum of understanding (MoU) and a land collaboration agreement aimed at exploring opportunities for researching, developing, and producing...
The American footwear design & manufacturing company, Nike and Epic Games, the creators of the popular online game Fortnite, have joined forces in an exciting new collaboration. The partnership aims to bring about a groundbreaking change in the d...
© 2024 aeresearch.net. All Rights Reserved.