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Chrysaor acquisition of ConocoPhillips’ UK oil and gas business completed

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Oilfield Technology,

Chrysaor Holdings Ltd. has completed its acquisition of ConocoPhillips’ UK oil and gas business for US$2.675 billion. With an effective date of 1 January 2018, completion of the transaction follows receipt of all necessary regulatory approvals.

The assets acquired produced approximately 72 000 boe/d in the first six months of 2019. Combined with Chrysaor’s existing portfolio first half 2019 production averaged 195 000 boe/d.

The transaction adds two new operated hubs to Chrysaor’s portfolio in the UK Central North Sea - Britannia and J-Block – in addition to an interest in the Clair Field area.

Phil Kirk, Chief Executive, Chrysaor, said: “The completion of this acquisition confirms Chrysaor’s position as one of Europe’s leading independent exploration and production companies. 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.

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