ConocoPhillips Marketing UK Assets

ConocoPhillips is marketing its UK assets after receiving an unsolicited offer, a company spokesperson has confirmed.

The spokesperson added that “if offers do not meet the company’s expectations for value, ConocoPhillips will retain the assets.”

The spokesperson said the company won’t comment on any further details about the process.

In the UK Conoco is the operator of, or has interests in, the Britannia, Britannia Satellites, Judy/Joanne, Jade, Jasmine, CMS, Galleon, LOGGS, Saturn Unit, V-Fields, Victor, Viking, Calder, Darwen, Crossens, Asland, Millom, Dalton, Clair and Nicol assets, according to the company’s website.

Conoco also has interests in the Rivers Terminal at Barrow-in-Furness, the Teesside Oil Terminal at Seal Sands and the Theddlethorpe Gas Terminal at Mabelthorpe, according to its website.

Earlier this month, Conoco announced the completion of its transaction to sell its Barnett assets to Lime Rock Resources for approximately $230 million plus net customary adjustments.

Back in October, Conoco announced that it had entered into an agreement to sell to the government of Timor-Leste its 30 percent interest in the Greater Sunrise Fields. The total sales price of this transaction is $350 million, prior to customary adjustments, Conoco revealed last month.