ConocoPhillips explores sale of Norway business and UK Teesside asset
COP•ConocoPhillips is evaluating a potential sale of its Norway business and UK Teesside asset after receiving an unsolicited offer. The company did not disclose the potential buyer or offer details and said it would retain the assets if the offer did not meet its expectations.
1. Review follows offer
ConocoPhillips said it is evaluating a potential sale of its Norway business and the Teesside asset in the UK after receiving an unsolicited offer. It did not identify the potential buyer or disclose financial details, and said it would retain the assets if the offer did not meet its expectations.
2. Assets and operations
The company said the review aligns with its strategy of optimizing its portfolio. Its Norway operations are managed through subsidiaries, primarily ConocoPhillips Skandinavia AS, which holds interests in producing fields and licenses on the Norwegian continental shelf. The Teesside terminal processes and exports crude oil and natural gas liquids transported from the Norwegian North Sea, and also handles third-party volumes.
3. Stakeholders informed
ConocoPhillips said it has informed employees, partners and regulators of the review.
