Chrysaor acquires ConocoPhillips’ UK oil and gas business for $2.675bn

1 October 2019 (Last Updated September 17th, 2020 12:41)

Chrysaor Holdings, a North Sea subsidiary of Harbour Energy, has acquired ConocoPhillips’ UK oil and gas business for $2.675bn.

Chrysaor acquires ConocoPhillips’ UK oil and gas business for $2.675bn
ConocoPhillips has sold its UK oil and gas business to Chrysaor for $2.675bn. Credit: ConocoPhillips Company.

Chrysaor Holdings, a North Sea subsidiary of Harbour Energy, has acquired ConocoPhillips’ UK oil and gas business for $2.675bn.

The acquisition will position Chrysaor as one of the largest oil and gas producers in the UK North Sea, with pro‐forma 2018 production capacity of more than 180,000boepd. ConocoPhillips’ assets acquisition will also see Chrysaor maintain probable reserves of around 600Mboe.

Harbour Energy CEO Linda Cook said: ‘’We have been searching for a high‐quality North Sea portfolio to complement the assets acquired from Royal Dutch Shell plc in 2017. ConocoPhillips UK represents this and demonstrates our continued strategy of building oil and gas platforms of scale, with great assets and long‐term growth potential.

“Harbour continues to see relative value in conventional plays outside the United States and we are excited to have grown production by 180,000 barrels per day since 2016, making us among the fastest growing oil and gas companies in the industry.”

ConocoPhillips UK produced more than 70,000boepd last year. The acquired portfolio includes two operated hubs in the UK Central North Sea namely Britannia and JBlock, adding to existing operated hubs at Everest, Armada and Lomond.

The deal also includes an interest in the Clair Field located in the West of Shetlands, serving as the complementary addition to the existing interests in other leading fields at Buzzard and Schiehallion. Through the acquisition, Harbour announced that Greg Hill has joined other independent directors Steven Farris and Jim Blackwell on its board.

Harbour Energy Board of Directors chairman Blair Thomas said: “I am delighted to welcome Greg Hill to our Board of Directors. Greg brings exceptional experience in the oil and gas industry including in Asia Pacific, the North Sea, and the Americas.”

The agreement to divest ConocoPhillips oil and gas business in the UK to Chrysaor Holdings was initially signed in April 2019.