ConocoPhillips weighs sale of North sea assets in Norway

[BENGALURU] ConocoPhillips is weighing sale of some of its North Sea assets in Norway which may fetch as much as US$1 billion, Bloomberg reported, citing sources familiar with the matter.

The largest independent producer of oil and natural gas may sell assets that are operated by others including stakes in the Aasta Hansteen, Alvheim and Grane fields, Bloomberg said, citing the sources. The company is also said to have contacted potential buyers, Bloomberg reported, citing a source familiar with the matter.

ConocoPhillips said it does not comment on ongoing business development or commercial activities.

Reuters last week reported that the company was preparing the sale of noncore oil and gas producing acreage in the United States, in the latest sign that oil majors are becoming more accepting of lower oil prices.

While the world's oil and gas companies have been looking to buy assets on the cheap since oil prices plummeted, epitomised by Royal Dutch Shell's agreement earlier this month to buy BG Group for US$70 billion, they have been reluctant to sell assets in case oil prices recover and they can fetch more.

A couple of other big companies have also started to explore a sale. Anadarko Petroleum Corp has put a few hundred million dollars worth of East Texas acreage up for sale with Citigroup Inc.

REUTERS