Conoco Is Said to Hold Talks With Chrysaor Over North Sea Fields
- U.S. oil company previously failed to reach a deal with Ineos
- Chrysaor’s output could jump 50% if an agreement is completed
Photographer: Simon Dawson/Bloomberg
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ConocoPhillips is in talks to sell a package of North Sea assets to explorer Chrysaor Holdings Ltd. after earlier discussions with U.K. billionaire Jim Ratcliffe collapsed, people with knowledge of the matter said.
An agreement would end a troubled sale process for the Houston-based company, which is divesting the oil fields as it turns its attention to U.S. shale exploration. Conoco opened up the bidding in January after efforts to sell the assets to Ratcliffe’s Ineos for as much as $3 billion failed.