ConocoPhillips sells 16.5 pct of North Sea Asset to BP

Posted by Joseph Keefe Jul 3, 2018

U.S. oil producer ConocoPhillips said on Tuesday it would sell a 16.5 percent stake in the Clair field to oil major BP for an undisclosed price.

Houston, Texas-based ConocoPhillips will retain a 7.5 percent interest in the North Sea offshore oil field through a unit while BP will hold a 45.1 percent interest.

Reuters reported https://www.reuters.com/article/us-conocophillips-northsea-exclusive/exclusive-conoco-moves-to-sell-north-sea-oilfields-sources-idUSKCN1IF17F in May that ConocoPhillips was looking to sell its North Sea fields as part of the company's focus on its shale operations in its home market.

ConocoPhillips also said on Tuesday it would buy a 39.2 percent stake from BP in the Greater Kuparuk oil field in Alaska and a 38 percent interest in the Kuparuk Transportation Co for an undisclosed price.

"These transactions are significant for ConocoPhillips because they continue our strategy of coring up our legacy asset base in Alaska, while retaining an interest in the Clair Field in the UK," Ryan Lance, chief executive officer of ConocoPhillips, said in a statement.

Reporting by Anirban Paul