* Conoco contacts companies to "gauge appetite" for assets
* North Sea portfolio could fetch up to $2 bln - sources
* Conoco declines to comment
By Ron Bousso
LONDON, May 14 (Reuters) - U.S. oil major ConocoPhillipsis preparing to sell its North Sea fields as the companyfocuses on shale operations in its home market, industry andbanking sources said.
The disposal of Conoco's North Sea assets after more than 50years in the British offshore basin could fetch as much as $2billion, but it was unclear how much of the portfolio would beput up for sale, the three sources said.
Conoco declined to comment.
The company has yet to launch a formal process or appoint abank but executives from Conoco have spoken in recent weeks to anumber of North Sea operators and bankers to "gauge the appetitefor the sale", one of the sources said.
The assets include a 24 percent stake in the west Shetlandsregion's Clair field, which its operator BP says is thelargest undeveloped oil and gas resource in the UK North Sea.The Clair Ridge project is expected to begin production thisyear, according to BP.
Other fields include holdings in the Britannia and J-Blockhubs.
Conoco's production in the UK North Sea reached 75,000barrels of oil equivalent per day in 2017, its annual reportsaid.
The company tried to sell some of its North Sea assets in2014 but the process failed, the sources added.
Conoco is the latest major oil company seeking to exit theNorth Sea as production in the ageing basin declines, otherareas become more competitive and costs for dismantling ageinginfrastructure weigh.
Conoco earlier this year said it would cut some 450 jobs inBritain, more than a quarter of its UK workforce.
(Additional reporting by Gary Williams and Ernest Scheyder inHouston; Editing by Dale Hudson)
BP (BP.)
