Italy’s Eni has teamed up with private equity firm HitecVision to bid against Chrysaor for ConocoPhillip’s North Sea oil and gas assets, sources close to the process told Reuters on Feb. 28.
Conoco relaunched the sale process in recent weeks after energy and chemicals firm Ineos, privately owned by British billionaire Jim Ratcliffe, abandoned exclusive talks with the U.S. company, the sources said.
The sale, which would mark Conoco’s exit from the ageing basin after more than 50 years, was expected to raise up to $2 billion.
Eni is partnering with Norway’s HitecVision to bid for the assets, sources close to the process said.
The two firms are looking to tighten cooperation in the North Sea after merging their Norwegian assets to create independent producer Var Energi in December, the sources said.
Chrysaor, backed by private equity firm EIG Global Partners, became one of the largest North Sea producers after acquiring assets from Royal Dutch Shell for $3.8 billion in 2017.
Its CEO Phil Kirk has stated he wants to grow Chrysaor’s operations in the basin.
Chrysaor was looking at Conoco’s assets before Ineos entered exclusive talks and was now preparing a formal bid, the sources said.
Chrysaor was expected to carry on with its bid for Chevron’s North Sea assets, the sources said.
HitecVision was not immediately available to comment. Eni, Chrysaor, Ineos and Conoco declined to comment.
Recommended Reading
Range Resources Holds Production Steady in 1Q 2024
2024-04-24 - NGLs are providing a boost for Range Resources as the company waits for natural gas demand to rebound.
Hess Midstream Increases Class A Distribution
2024-04-24 - Hess Midstream has increased its quarterly distribution per Class A share by approximately 45% since the first quarter of 2021.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.