Chrysaor Holdings Limited announces that it has completed its acquisition of ConocoPhillips’ UK oil and gas business (“ConocoPhillips UK”) for $2.675 billion. With an effective date of 1 January 2018, completion of the transaction follows receipt of all necessary regulatory approvals.

The assets acquired produced approximately 72,000 barrels of oil equivalent per day (boepd) in the first six months of 2019. Combined with Chrysaor’s existing portfolio first half 2019 production averaged 195,000 boepd.

The transaction adds two new operated hubs to Chrysaor’s portfolio in the UK Central North Sea - Britannia and J-Block – in addition to an interest in the Clair Field area.

Phil Kirk, Chief Executive, Chrysaor, said:

“The completion of this acquisition confirms Chrysaor’s position as one of Europe’s leading independent exploration and production companies. We are now one of the largest UK producers with a portfolio of high-quality, long-life assets complemented by a professional and expert staff. As we enter a new chapter for Chrysaor we look forward to welcoming our new colleagues and the safe integration of the two businesses. We have identified a number of exciting growth opportunities in our expanded portfolio and across the CNS.