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By Pooja Menon
Oct 1 (Reuters) – ConocoPhillips (COP.N) is evaluating a potential sale of its Norway business and the Teesside asset in the UK after receiving an unsolicited offer, the US oil and gas producer said on Thursday.
The company did not disclose the identity of the potential buyer or provide any financial details of the offer.
ConocoPhillips said the evaluation aligns with its strategy of optimizing its portfolio and that it would retain the assets if the offer did not meet its expectations.
The company’s operations in Norway are managed through subsidiaries, primarily ConocoPhillips Skandinavia AS, which holds ownership interests in a number of producing fields and licenses on the Norwegian continental shelf.
The Teesside terminal at Seal Sands near Middlesbrough processes and exports crude oil and natural gas liquids transported from the Norwegian North Sea through the Norpipe pipeline network. The facility also handles third-party volumes from other areas of the North Sea.
Analysts at Capital One Securities said they estimate the combined value of ConocoPhillips’ Norway business and Teesside terminal at about $7 billion, roughly about 4% of the company’s $163-billion enterprise value.
The company said it has informed employees, partners and regulators of the review.
Reporting by Pooja Menon in Bengaluru; Editing by Harikrishnan Nair and Shinjini Ganguli
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