Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

North Sea acquisition talks between Ineos, ConocoPhillips break down

The Britannia platform
Chrysaor's Britannia platform. Projects such as Talbot and Zennor's Finlaggan development have been delayed.

Ineos’ bid to acquire ConocoPhillips’ North Sea portfolio appears to have fallen through.

Both companies today confirmed that exclusive talks had concluded.

Conoco said a number of other companies were in the running for the package.

A spokesman for Conoco said: “The period of exclusive negotiations with Ineos has concluded and we will now continue the marketing process with a number of additional parties expressing interest in our UK assets.”

Ineos said in an emailed statement to Energy Voice: “We confirm that we are no longer in discussions with ConocoPhillips.”

Conoco is one of several international oil companies to have been linked with a North Sea exit in the last 18 months.

The firm sold 16.5% of its equity in the Clair Field to BP, leaving it with 7.5%, last year.

At the time, Luke Parker, analyst at energy consultancy Wood Mackenzie, said the Houston-headquartered business’s complete withdrawal from the UK seemed “likely to follow”.

Ineos, traditionally focused on petrochemicals, has been expanding its North Sea footprint through acquisitions in recent years.

The company announced its arrival in the basin in 2015 when it bought stakes in several fields, including Breagh and Clipper South, from Dea.

It completed a deal to buy Dong Energy’s oil and gas business for £1 billion in September 2017 to become one of the North Sea’s top producers.


Recommended for you

More from Energy Voice

Latest Posts