Bloomberg
Canada’s Suncor Energy Inc. is exploring the sale of a handful of oil and gas fields in the North Sea, according to people with knowledge of the matter.
Suncor is studying divesting the 30,000-barrel-a-day Golden Eagle Area on the U.K. side of the sea, the people said. Its 26.69 per cent stake could be valued at about US$400 million, one of them said. It’s also interested in selling smaller assets on the Norwegian side, valued at an estimated US$100 million, another person said.
After a slow start to the year as the coronavirus crisis disrupted plans across the industry, asset-sale activity in the North Sea has picked up in the second half. Exxon Mobil Corp. has begun a process to divest its U.K. fields and Eni SpA is seeking to sell a production vessel in Norway. Chrysaor Holdings Ltd. this month bought independent oil explorer Premier Oil Plc in a reverse takeover.
Suncor hasn’t started a formal sales process, but is engaging with potential buyers that have shown interest in the fields, one of the people said.
Suncor didn’t respond to a request for comment.
