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Chrysaor completes acquisition of Conoco's UK North Sea assets

Chrysaor completes acquisition of Conoco's UK North Sea assets
Flags fly outside ConocoPhillips offices in Houston, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott -
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LOREN ELLIOTT(Reuters)
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LONDON (Reuters) – North Sea oil producer Chrysaor completed on Monday a $2.675 billion (£2.17 billion) acquisition of ConocoPhillips’ <COP.N> British North Sea oil and gas business, cementing the private equity-backed firm’s position as one the basin’s top producers.

The Conoco assets will add around 72,000 barrels of oil equivalent per day to Chrysaor’s production, bringing their total output in the first half of 2019 to 195,000 boed, Chrysaor said in a statement.

The deal has an effective date of Jan. 1, 2018.

Chrysaor will now become operator of the Britannia and J-Block fields and also hold a 7.5 stake in the giant BP-operated Clair field <BP.L>.

Under the deal, Chrysaor will also assume around $1.8 billion in fields abandonment and dismantling costs, known as decommissioning, Conoco said in a separate statement.

Chrysaor, backed by private equity firm EIG Global Partners, was already one of the biggest North Sea players after acquiring assets from Royal Dutch Shell <RDSa.L> for $3.8 billion in 2017.

(Reporting by Ron Bousso; Editing by Nick Zieminski)

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