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Premier Oil teams up with Apollo to bid for Chevron's N. Sea assets

Thu, 28th Feb 2019 17:15

LONDON, Feb 28 (Reuters) - Britain's Premier Oil hasteamed up with U.S. private equity fund Apollo Global Managementto bid for oil and gas fields owned by Chevronin the British North Sea, according to industry sources.

Premier has previously said it was looking to buy assets inthe region, but it, and Apollo, had no immediate comment onThursday.

Other parties vying for the Chevron assets, which couldfetch around $1.5 billion, include Ithaca Energy, majority ownedby Israel's Delek and Chrysaor, which is backed byEIG Global Energy Partners, sources said.

Ithaca Energy declined to comment.

Chrysaor, which became one of the largest North Seaproducers after buying $3 billion of oil and gas fields fromRoyal Dutch Shell in 2017, is also bidding for North Sea assetsbeing sold by Chevron rival ConocoPhillips, according tosources close to the process.

Chevron in July kicked off the sale of its central North Seaoil and gas fields Alba, Alder, Captain, Elgin/Franklin, Erskineand Jade as well as the Britannia platform and its satellites.

Chevron's net daily production in the North Sea in 2017averaged 50,000 barrels of oil and 155 million cubic feet ofnatural gas, according to its website.(Reporting By Shadia Nasralla, Ron Bousso; Editing by KirstenDonovan)

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