17th Sep 2014 05:56
LONDON (Alliance News) - US oil group ConocoPhillips Co has put its stake in the Clair oilfield up for sale, sparking a race to buy a part of one of Scotland's most valuable oilfields, The Times reported on Wednesday.
Conoco has hired banks to sell the 24% stake in the field, west of Shetland, which could fetch between GBP1.2 billion and GBP1.8 billion, the paper said.
The field is operated by BP PLC, which owns a 28.6% stake, and holds an estimated eight million barrels of oil, making it one of the largest fields in Europe.
Royal Dutch Shell PLC, which already owns 28% of the field, is reportedly likely to be interested in upping its stake in the field.
http://www.thetimes.co.uk/tto/business/industries/naturalresources/article4208710.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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