ConocoPhillips closes sale of UK business to Chrysaor

ConocoPhillips has completed its previously announced transaction to sell two ConocoPhillips United Kingdom subsidiaries to Chrysaor for $2.675 billion, plus interest and customary adjustments.

Britannia facilities; Source: ConocoPhillips

The transaction was announced last April and the completion was announced on Monday, September 30.

Together, the subsidiaries indirectly held the company’s exploration and production assets in the U.K., as well as approximately $1.8 billion in asset retirement obligations. Proceeds will be used for general corporate purposes.

“We are pleased that Chrysaor recognizes the value of our U.K. exploration and production assets, and will continue their development in the future,” said Ryan Lance, chairman and chief executive officer.

“Our business legacy in the U.K. reflects a 50-year history of achievement and operational excellence. Our workforce there should be proud of their accomplishments, and we look forward to maintaining our commercial trading business in London and continuing as operator of the Teesside oil terminal.”

In the first six months of 2019, production associated with the U.K. assets sold was 72 thousand barrels of oil equivalent per day (MBOED).

As a result of this acquisition, Chrysaor added three material assets to its portfolio. These include two new operated hubs in the UK Central North Sea ‐ Britannia and J‐Block.

The third material acquired asset is an interest in the world class Clair field area located in the highly prospective West of Shetlands region. This interest and the Clair field’s prospects for future additional development complement Chrysaor’s existing West of Shetlands position in the Schiehallion field.

In a separate statement on Monday, Chrysaor said that the completion of the transaction follows receipt of all necessary regulatory approvals.

Phil Kirk, Chief Executive, Chrysaor, said: “We are now one of the largest UK producers with a portfolio of high-quality, long-life assets complemented by a professional and expert staff. As we enter a new chapter for Chrysaor we look forward to welcoming our new colleagues and the safe integration of the two businesses. We have identified a number of exciting growth opportunities in our expanded portfolio and across the CNS.”

Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.

Share this article

Follow Offshore Energy Today


<< Oct 2019 >>
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >


Looking to fill a job opening?

By advertising your job here, on the homepage of, you'll reach countless professionals in the sector. For more information, click below...


Looking to fill a job opening?

By advertising your job here, on the homepage of, you'll reach countless professionals in the sector. For more information, click below...