- ConocoPhillips (NYSE:COP) plans to invite bids by the end of the year for its remaining North Sea assets, which could be valued at as much as $3B in a sale, Bloomberg reports.
- The assets, which would include the remainder of COP's holding in the Clair Field, likely would draw interest from private equity-backed companies investing in the North Sea and from rival energy firms, according to the report.
- The prospective sale comes amid efforts by Chevron (NYSE:CVX) to also exit the aging North Sea basin in its pursuit of higher returns from U.S. shale or liquefied natural gas ventures. which could leave the two companies competing for the same buyers.