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UK: Chrysaor sets sights on Chevron's North Sea assets
14 Dec 2018
Private equity-backed oil firm Chrysaor has hired advisers ahead of talks to buy Chevron’s British North Sea oil and gas fields for over $2.5 billion, industry and banking sources said.
Chrysaor has signed up investment banks Jefferies and BMO for the discussions as a deadline for bids approaches before Christmas, the four sources said.
Chevron said earlier this year it was selling its assets in the central North Sea, which are expected to fetch around $1.5 billion.
Chrysaor and Chevron are also discussing the sale of part or all of the U.S. group’s 19.4 percent stake in the BP-operated Clair field, the largest oil field in the British North Sea, which was not originally up for grabs, the sources said.
The Clair stake could easily fetch $1 billion, they said.