ConocoPhillips considers selling its Norwegian business and UK Teesside assets

ConocoPhillips, a US oil and natural gas producer, said that it is considering a possible sale of its Norway operations and the Teesside assets in the UK after receiving an unsolicited bid.

The company didn't disclose the identity or financial details of the buyer.

ConocoPhillips stated that the evaluation is in line with its'strategia of optimizing the portfolio, and it would retain the assets should the offer not meet expectations.

ConocoPhillips'?operations? in Norway are managed by subsidiaries.

The Teesside Terminal at Seal Sands, near Middlesbrough, processes and exports natural gas liquids and crude oil from the Norwegian North Sea via the Norpipe pipeline network. The facility also processes third-party volumes from other areas of the North Sea.

Capital One Securities analysts estimate that the combined value of ConocoPhillips Norway business and Teesside Terminal is about $7 billion. This represents about 4% of ConocoPhillips enterprise value of $163 billion.

The company said that it has informed its employees, partners and regulators about the review.

(source: Reuters)