Chrysaor Holdings Limited pronounces that it has accomplished its acquisition of ConocoPhillips’ UK oil and fuel enterprise for $2.675 billion. With an efficient date of 1 January 2018, completion of the transaction follows receipt of all vital regulatory approvals. The belongings acquired produced roughly 72,000 barrels of oil equal per day (boepd) within the first six months of 2019. Combined with Chrysaor’s current portfolio first half 2019 manufacturing averaged 195,000 boepd. The transaction provides two new operated hubs to Chrysaor’s portfolio within the UK Central North Sea – Britannia and J-Block – along with an curiosity within the Clair Field space.
Phil Kirk, Chief Executive, Chrysaor, stated: “The completion of this acquisition confirms Chrysaor’s place as one in every of Europe’s main unbiased exploration and manufacturing firms. We are actually one of many largest UK producers with a portfolio of high-quality, long-life belongings complemented by knowledgeable and skilled employees. As we enter a brand new chapter for Chrysaor we sit up for welcoming our new colleagues and the protected integration of the 2 companies. We have recognized plenty of thrilling development alternatives in our expanded portfolio and throughout the CNS.” The transaction doesn’t embrace ConocoPhillips’ London-based industrial buying and selling enterprise nor its curiosity within the Teesside oil terminal.
Based in London, Chrysaor is a full cycle E&P firm and the main producer within the UK North Sea with a diversified portfolio together with pursuits in eight of the 10 largest manufacturing hubs within the UKNS. This portfolio is able to annual day by day manufacturing of as much as 200mboepd with present working prices of $US15/boe. Remaining volumes internet to Chrysaor are estimated in extra of 600mmboe.
(Source: Chrysaor – Image: North Everest platform )
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