ConocoPhillips Completes $2.7 Billion Sale of United Kingdom E&P Subsidiaries

SEPTEMBER 30, 2019

ConocoPhillips (NYSE: COP) today completed its previously announced transaction to sell two ConocoPhillips United Kingdom (U.K.) subsidiaries to Chrysaor E&P Limited for $2.675 billion, plus interest and customary adjustments. Together, the subsidiaries indirectly held the company’s exploration and production assets in the U.K., as well as approximately $1.8 billion in asset retirement obligations. Proceeds will be used for general corporate purposes.

“We are pleased that Chrysaor recognizes the value of our U.K. exploration and production assets, and will continue their development in the future,” said Ryan Lance, chairman and chief executive officer. “Our business legacy in the U.K. 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.”

ConocoPhillips North Sea assets included:

Comments

Post a Comment

Popular posts from this blog

Petrobras on P-80 construction contract

August 15, 2022 Petróleo Brasileiro S.A. – Petrobras informs that, as a result of the progress of the development project for the Búzios field , in the Santos Basin pre-salt area, it signed today a contract with Keppel Shipyard Limited for the construction of platform P-80 , the ninth unit to be installed in the field.  This unit will be one of the largest to operate in Brazil and one of the largest in the global oil and gas industry, with capacity to produce up to 225 thousand barrels of oil per day, process up to 12 million m3/day of gas, and store more than 1.6 million barrels.  The project foresees the interconnection of 14 wells, 7 of which are oil producers and 7 injectors. The platform will be self-owned, of the FPSO type (floating unit that produces, stores, and transfers oil), with a minimum local content index of 25%. Production is scheduled to start in 2026. The P-80 will be the 28th system to operate in the pre-salt.  The P-80 is part of Petrobras' new generat...
Read more

Centrica LNG cargo commissions the first private LNG terminal in Brazil

25 February 2020 Centrica plc and Centrais Elétricas de Sergipe S.A. (CELSE) have collaborated to commission the first private Liquefied Natural Gas (LNG) import terminal in Brazil. On 4 February, Centrica-chartered vessel, the Singapore Energy, delivered 95,000m3 of LNG by a ship-to-ship operation to the Golar Nanook Floating Storage and Regasification Unit (FSRU) located 8.5km off the coast. The FRSU is connected by pipeline to CELSE’s Usina Termoelétrica (UTE) Porto de Sergipe I combined-cycle gas-fired power plant, the largest in Latin America.
Read more

Eni sells to Mubadala Petroleum a 10% stake in the Shorouk concession, offshore Egypt

11 March 2018  Eni has agreed to sell to Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Company, a 10% stake in the Shorouk concession, offshore Egypt, where Zohr's super-giant gas field is located. Eni, through its subsidiary IEOC, currently holds a 60% stake, while the other partners are Rosneft with 30% and BP with 10%. The agreed consideration is 934 million US dollars. The completion of the transaction is subject to the fulfillment of certain standard conditions, including all necessary authorizations from Egypt’s authorities. The Zohr super-giant gas field was successfully started-up in December 2017, in only 28 months after its discovery, and is currently producing 400 million scf per day. The production will gradually ramp up to reach the plateau by the end of 2019. Claudio Descalzi, Chief Executive Office of Eni, said: «We are pleased to be working with Mubadala and welcome them into the partnership for the Shorouk concession. This represents a furt...
Read more