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.

Chrysaor-Conoco deal brings new leaderboard of North Sea producers

A file photo of a North Sea oil platform
A file photo of a North Sea oil platform

Chrysaor’s recently-announced £2billion deal to acquire ConocoPhillips’ North Sea assets will put it top of a new leaderboard of oil and gas producers.

According to GlobalData, the move will see Chrysaor “leapfrog” BP and Shell to top spot, just ahead of Total in second place.

Announcing the deal last week, Chrysaor said it will take its production up to 177,000 barrels of oil equivalent per day, but this is expected to increase to more than 185,000 per day this year.

Global Data said the move shows Chrysaor’s “ambition to become a major player” in the UK North Sea.

It comes just two years after Chrysaor’s £3bn deal for a package of Shell assets in the UK.

The Conoco acquisition means Chrysaor is picking up operatorship of assets including the Britannia and J-Area hubs, as well as stakes in other assets including BP’s Clair field in the West of Shetland.

Global Data’s upstream oil and gas analyst, Daniel Rogers, said: “Chrysaor will be picking up valuable producing assets such as Clair, Brodgar and Britannia, but the lack of planned or announced projects in the region suggest that new investment will be focused on redeveloping existing assets.

“Value is likely to be added by increasing recovery from the mature ‘J-Area’, in which Conoco undertook a development drilling campaign last year.

“The acquisition also helps Chrysaor balance its portfolio from dominantly oil, to a roughly equal split of oil and gas reserves.”

Unlike the 2017 Shell deal, however, Chrysaor will be responsible for decommissioning Conoco’s Southern North Sea assets at the end of their production life.

Mr Rogers added: “Looking forward it will be interesting to see how decommissioning liabilities will be dealt with as part of the deal; major facilities are undergoing decommissioning such as the Viking Satellite platforms and its associated infield infrastructure, which come with significant cost.

“The company was able to avoid around US$1bn in decommissioning liabilities associated with the Shell mega deal announced in 2015.”

Recommended for you

More from Energy Voice

Latest Posts