CONOCO SELLS CLAIR: 24%, $3 BLN
ConocoPhillips, the largest U.S. independent oil and gas company, is preparing to auction its 24 percent stake in the Clair oilfield in the United Kingdom, the Financial Times reported on Monday.
The Houston-based company has hired banks to sell its stake in the Clair oilfield in a deal that could fetch between $2 billion and $3 billion, according to the FT report, which cites people familiar with the matter.
Clair oilfield, which was discovered in 1977 and extends over 220 square kilometers (135 square miles), is located in Scottish territorial waters west of the Shetland islands.
The oilfield has an estimated 8 billion barrels of oil, making it the largest hydrocarbon resource in Europe, according to oil major BP Plc's website.
BP, ConocoPhillips, Chevron Corp and Royal Dutch Shell Plc were developing a second phase of the oilfield, known as Clair Ridge, at a cost of 4.5 billion pounds, with production estimated to start in 2016/2017.
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