Cairn Energy front runner for Dong’s North Sea oil and gas assets, claim market sources

Cairn Energy news
Cairn Energy news

Oil exploration firm Cairn Energy is the front runner in the race to buy up Dong Energy’s North Sea assets, according to market sources.

Shipping group A.P. Moller-Maersk was in talks with the Danish energy company last year about buying up an estimated stock of some $2billion worth of infrastructure.

However negotiations stalled due to a lack of a firm price and clarity around decommissioning responsibilities.

Edinburgh-based Cairn Energy and several others are now said to be interested in making a deal, according to sources familiar with the matter.

Final bids are due by the end of February.

DONG announced in November that it was quitting the oil and gas business to focus solely on offshore wind power.

Other potential rivals in the running for the asset-sell off are reported to be chemicals giant Ineos, private equity firm EIG Global Energy Partners, and oil and gas firm DEA, controlled by Russian billionaire Mikhail Fridman

Both Cairn and Dong declined to comment on the reports.