Growth, People, Safety

Chrysaor has acquired ConocoPhillips’ UK business in a deal worth $2.675 billion.

The acquisition will add ConocoPhillips’ J Area, Britannia and East Irish Sea assets to Chrysaor’s operated portfolio and will also enhance its non-operated stakes in West of Shetland.

About the deal

  • A bar chart with an upward incline

    Creating the largest independent UK producer with further growth options.

    Increases Chrysaors proforma 2P reserves total to over 600mmboe.

  • A dollar sign within a circle

    Reinforces Chrysaor’s production plan to sustain outstanding cash generation.

    2019 proforma production expected to be just under 190,000boepd.

  • An oil rig

    Advances our hub strategy to become the leading operator in the Central North Sea.

    Adds two new operated hubs – J-Block and Britannia Area – with significant near field opportunities in the UK and Norway.

  • A map marker

    Develops high quality world-class asset base West of Shetland.

    Clair interest complements existing Schiehallion interest, providing long term cash generation for investment.

  • 3 oil barrels

    OPEX/BOE at or below $15/boe over medium term.

    Potential for further cost efficiencies through near field tie-backs and third party business.

  • A group of people

    Proven management team with strong track record in the North Sea.

    Successfully demonstrating an ability to extend asset life, increase production and boost reserves recovery while generating high levels of cash and reducing debt.