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Chrysaor acquires ConocoPhillips' UK Oil & Gas business for $2.7 billion

01/10/2019
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The rise of smaller independent operators across the North Sea continues with Chrysaor being the latest operator to acquire a swathe of assets. ConocoPhillips has this week confirmed the $2.7 billion sale of its UK oil and gas business to Chrysaor, in a move which will position the independent operator as one of Europe’s leading E&P companies.
Chrysaor acquires ConocoPhillips' UK Oil & Gas business for $2.7 billion
(Image via Chrysaor).

The assets acquired by Chrysaor produced approximately 72,000 barrels of oil equivalent per day (boepd) in the first six months of 2019. Combined with Chrysaor’s existing portfolio, first half production averaged 195,000 boepd. The deal also adds two new operated hubs to Chrysaor’s portfolio in the UK Central North Sea – Britannia and J-Block – in addition to an interest in the Clair Field area.

Commenting on the deal, Ryan Lance, chairman and chief executive officer of ConocoPhillips said:

“We are pleased that Chrysaor recognises the value of our UK exploration and production assets and will continue their development in the future. Our business legacy in the UK reflects a 50-year history of achievement and operational excellence. Our workforce there should be proud of their accomplishments and we look forward to maintaining our commercial trading business in London and continuing as operator of the Teesside oil terminal.”

Phil Kirk, Chief Executive of Chrysaor commented:

“The completion of this acquisition confirms Chrysaor’s position as one of Europe’s leading independent exploration and production companies. We are now one of the largest UK producers with a portfolio of high-quality, long-life assets complemented by a professional and expert staff. As we enter a new chapter for Chrysaor we look forward to welcoming our new colleagues and the safe integration of the two businesses. We have identified a number of exciting growth opportunities in our expanded portfolio and across the CNS.”

In addition to the sale of its UK upstream oil and gas business, ConocoPhillips also announced this week that is has discontinued exploration activities in the Central Louisiana Austin Chalk trend. The company will record approximately $120 million pre-tax to Lower 48 dry hole expense in the third quarter, primarily related to this play.

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Chrysaor acquires ConocoPhillips' UK Oil & Gas business for $2.7 billion - Time to read 3 min
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