EurOil: CNOOC eyes sale of North Sea assets to Equinor

China’s state-owned CNOOC is mulling the sale of UK oil assets to Norway’s Equinor, the Norwegian press reported on October 17, citing sources as saying the deal price was NOK20-30bn ($1.9-2.9bn).

China National Offshore Oil Corp (CNOOC) holds interests in a number of UK North Sea fields including Buzzard, one of the largest in the region, as well as Golden Eagle, Scott and Telford. According to Norway’s Dagens Naeringsliv newspaper, Equinor is “one of at least two companies” bidding for the assets. Analysts have previously speculated that Harbour Energy, NEO Energy, Waldorf Production and Ithaca Energy would be among the likely contenders. Buzzard in particular is seen as a promising acquisition target.

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