CNOOC seeks buyer for some UK North Sea oilfields – sources

CNOOC seeks buyer for some UK North Sea oilfields – sources

China’s CNOOC 0883.HK is seeking a buyer for its Scott platform and its stakes in associated oilfields in the British North Sea, three banking and industry sources told Reuters.

CNOOC appointed Lambert for the sale which could fetch several hundred million dollars if CNOOC retains decommissioning liability, but if it does not, the package might change hands for very little, three sources said.

The Scott platform ties into the Forties Pipeline System and the St. Fergus gas terminal.

CNOOC operates the platform and owns stakes in the Scott, Telford and Rochelle fields alongside Dana Petroleum, Edison, HitecVisions’s Neo and MOL.

EnQuest, which can offset future production against past losses for a tax advantage, is looking at the assets together with Sinopec, according to one source.

CNOOC, which also has stakes in the UK’s Buzzard field, and EnQuest declined to comment. Lambert did not immediately reply to a request for comment.

Source: Reuters

Published: 24-09-2020