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Premier Oil eyeing $2 billion North Sea assets



Sources have claimed that Premier Oil Plc is considering a bid for a North Sea Oil and Gas asset package being sold by Chevron corp. that could be worth around $2 billion. 

Premier Oil are reportedly considering a bid for Chevron's North Sea Assets, valued at $2billion
(Image via Premier Oil)

Premier’s market value is around $733 million (£578 million), so it’s thought that the company may tap a partner for the purchase, or buy only the operating rights for the assets. 

Nothing has been confirmed by either Premier Oil or Chevron yet, and sources are asking to remain anonymous.

Chevron are putting all their UK central North Sea assets on the market, including the Alba, Alder, Britannia, Captain, Elgin/Franklin, Erskine and Jade fields. The company claim that they are looking to focus more on earning higher returns from other operations, such as the Permian Basin in Texas and the Tengiz field in Kazakhstan.

Last year they achieved an average daily production of 50,000 barrels of oil and 155 million cubic feet of natural gas from North Sea assets.

The first round of bids is due by the end of the month. In addition to Premier Oil, Chrysaor Holdings Ltd. and Neptune Oil & Gas Ltd. are said to be considering bids.

Chrysaor have reportedly appointed investment banks Jefferies and BMO as advisers ahead of talks, which are expected to involve around $2.5bn in assets as well as a divestment of part of all of Chevron’s 19.4% interest in the BP-operated Clair oil field in the UK North Sea. 

Chevron aren’t the only firm looking at selling their North Sea assets to focus on other ventures. Last month ConocoPhillips began discussions with Ineos for sale of $3 billion of assets.

As major companies move, there is a lot of focus who will win the bidding for remaining North Sea resources and take over production. 

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Tags: Oil & Gas
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Premier Oil eyeing $2 billion North Sea assets - Time to read 2 min
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