ConocoPhillips May Divest Remaining Stake In North Sea Asset
Zacks Investment Research | Nov 14, 2018 09:34PM ET
ConocoPhillips (NYSE:COP) intends to divest its remaining assets in the North Sea and hence will be looking for prospective bidders by 2018-end, per Bloomberg.
The report added that the properties to be sold will include the upstream energy firm’s remaining stake in Clair Field. The companies that could place bid will include rival upstream players along with private equity firms allocating capital budget for North Sea resources, per the source. Bloomberg has estimated the transaction at $3 billion.
It is to be noted that following the receipt of an unsolicited offer, ConocoPhillips has commenced marketing for its properties in the United Kingdom. The company will only sell the U.K. properties if the bids meets its expectation.
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