Following in the footsteps of Chevron (CVX, $115.72), the American multinational energy company ConocoPhilips revealed its plans to sell the remaining of its North Sea assets, Bloomberg reports. Valued at around $3 billion, the company plans to float the assets for bids by year-end, using the proceeds for ventures with higher returns in the U.S. shale or liquefied natural gas segments.
The report also indicated that the company expects the assets, which would include the remainder of it's holding in the Clair Field, to draw interest from private equity-backed companies investing in the North Sea region and from rival energy firms.
Conoco, the Houston-based energy company, had already undertaken a North Sea-for-Alaskan asset swap with BP Plc in July – wherein the company had divested its 16.5% stake in the Clair Field for an undisclosed amount, while retaining only a 7.5% interest.
Conoco is also aiming to bid on closely held oil producer Endeavor Energy Resources LP, which is expected to be valued at around $15 billion including its debt. Endeavor, in recent times, has become an attractive prospect in the Permian Basin, owing to its position in Texas and New Mexico.