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2015-04-25 22:00:00

CONOCO SELLS NORWAY

CONOCO SELLS NORWAY

ConocoPhillips, the third-largest U.S. oil producer, is exploring the sale of some its North Sea assets in Norway as it seeks to divest overseas operations, two people with knowledge of the matter said.

The Houston-based oil and natural gas producer may sell Norwegian assets that are operated by others including stakes in the Aasta Hansteen, Alvheim and Grane fields, the people said, asking not to be identified as the information is private. Conoco, which is running the disposal without advisers, has contacted potential buyers, they said. If sold together, all three stakes may fetch as much as $1 billion, one of the people said.

U.S. producers are increasingly offloading overseas assets to focus on domestic opportunities amid a sharp drop in oil prices. ConocoPhillips is working with Bank of Nova Scotia on the sale of about 20 percent of its production in Western Canada outside of the oil sands. Other large producers including EOG Resources Inc., Apache Corp. and Occidental Petroleum Corp. have sold international assets.

Global oil companies are also selling peripheral businesses. BP Plc is seeking buyers for as much as $2 billion of U.S. pipelines and storage terminals, according to people familiar with the matter.

ConocoPhillips first applied for a license to hunt for oil on the Norwegian shelf more than 50 years ago in 1962, according to its website. Its assets include four operated fields in the southern part of the North Sea as well as several fields operated by its peers.

A representative for ConocoPhillips declined to comment. ConocoPhillips fell 0.4 percent to $67.63 today, giving the company a market value of about $83 billion.

bloomberg.com

Tags: CONOCOPHILLIPS, NORWAY, OIL, U.S.,

Chronicle:

CONOCO SELLS NORWAY
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

CONOCO SELLS NORWAY
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

CONOCO SELLS NORWAY
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

CONOCO SELLS NORWAY
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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