Tuesday , October 4 2022

UK Ineos in Conoco N.Sea Asset Talks – Sunday Times Energy and Oil



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British oil company Ineos is in exclusive talks with ConocoPhillips to buy US $ 3 billion North Sea oil and gas fields from the US energy company, the Sunday Times reported without reporting sources.

Reuters reported in May that ConocoPhillips is 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 majestic goal was to sell assets $ 3 billion by the end of the year.

The Sunday Times report reported that Ineos, the wealthiest Briton, Jim Ratcliffe, had paid a down payment in exchange for a three month exclusivity for the possible purchase.

HSBC and Citigroup have been approached for funding, the newspaper said. (Reference by David Milliken, edited by Louise Heavens)

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