LONDON, Sept 30 (Reuters) - North Sea oil producer Chrysaor
completed on Monday a $2.675 billion acquisition of
ConocoPhillips' 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.
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 for $3.8 billion in 2017.
(Reporting by Ron Bousso
Editing by Nick Zieminski)
BP (BP.)
