Private equity’s North Sea bet safer than it looks gfhay
Private equity group Chrysaor on April 18 said it was acquiring ConocoPhillips’ UK oil and gas business for $2.7 billion. The assets being acquired produced around 72,000 barrels of oil equivalent per day in 2018, and increase Chrysaor’s pro forma 2018 production to 177,000 boepd, making the buyout group one of the largest oil and gas producers in the UK North Sea.
ConocoPhillips’ UK assets contain over 280 million barrels of oil equivalent proved and probable oil and gas reserves. Private equity managers have spent over $10 billion in the last two years acquiring oil and gas assets in the North Sea, according to a Breakingviews calculation.
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