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Ineos in Talks to Buy ConocoPhillips North Sea Assets

Source: Reuters 11/18/2018, Location: Europe

British petrochemicals company Ineos is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion from the U.S. energy company, the Sunday Times newspaper reported, without citing sources.

Reuters reported in May that ConocoPhillips was preparing to sell North Sea assets in order to focus on shale gas production in the United States, and earlier this week Bloomberg said the oil major aimed to sell $3 billion of assets by the year's end.

The Sunday Times report said that Ineos, owned by Britain's richest man, Jim Ratcliffe, had paid a deposit in return for three months' exclusivity on the potential purchase.

HSBC and Citigroup had been approached to provide financing, the newspaper added.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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