* Chrysaor to produce 180-190,000 boed in 2020 -CEO
* CEO Kirk says company has no timeline for IPO
(Adds CEO comments, acquisition details)
By Shadia Nasralla and Ron Bousso
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 Chief Executive Officer Phil Kirk said production
is expected to average below 195,000 boed in 2019 and between
180,000 to 190,000 boed next year.
Backed by private equity firms EIG Global Partners and
Harbour Energy, Chrysaor was already one of the biggest North
Sea players after acquiring assets from Royal Dutch Shell
for $3.8 billion in 2017.
The company remains acquisitive and does not foresee any
asset disposals at the moment, Kirk told Reuters in an
interview.
Although Chrysaor and other private equity-backed North Sea
firms have in the past flagged an intention to list on public
stock exchanges, Kirk said the company and its owners have no
timeline for an initial public offering.
"There is no rush for an IPO at all if that is the right
thing to do," Kirk said.
Following the Conoco acquisition, Chrysaor became operator
of the Britannia and J-Block fields and also holds a 7.5 stake
in the giant BP-operated Clair field.
Kirk said Chrysaor plans to work with its new partners,
particularly in Britannia block and J-Block to develop the
sub-surface, bring seismic data up to date and boost output.
Chrysaor plans to spend $800 million to $1 billion per year
on its portfolio in the coming years.
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 spends between $150 million and $200 million a year
on decommissioning, Kirk said.
(Reporting by Ron Bousso
Editing by Nick Zieminski and Grant McCool)
BP (BP.)
