London-based Chrysaor has bought ConocoPhillips’ UK oil and gas assets for $2.6 billion as the private-equity-backed firm carves out a leading position in the UK North Sea after buying Royal Dutch Shell’s UK portfolio back in 2017 (IOD Jan.24’17). Under the deal, Chrysaor gains access to another 72,000 barrels of oil equivalent per day, raising its overall output over 2018 to 177,000 boe/d, making the firm one of the largest producers in the UK North Sea. The transaction will be finalized in the second half of this year.
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