Oil report

RPT-FACTBOX-Changing ownership of North Sea oil and gas

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Oct 6 (Reuters) - Private equity-backed Chrysaor, already a giant in British North Sea energy, is set to take over Premier Oil, one of the world’s oldest independent oil producers.

Private equity backed players have stepped in as oil majors sell assets in the ageing basin and some long-established independents struggle with high debt.

Below is a timeline of such deals:


* OMV sold its British North Sea assets to Siccar Point, backed by private equity groups Blackstone and Bluewater, for up to $1 billion.

* BP merged its Norwegian North Sea assets with Det norske, creating new entity Aker BP


* Royal Dutch Shell sold North Sea assets to Chrysaor, backed by Harbour Energy, an investment vehicle of EIG Global Energy Partners, in a $3.8 billion deal.

* Engie sold its exploration and production business, including some North Sea assets, to Neptune, backed by private equity funds Carlyle Group and CVC, in a $3.9 billion deal.


* ConocoPhillips sold North Sea assets to Chrysaor for about $2.6 billion.

* Chevron sold North Sea assets to Israel’s Delek Group for $2 billion.

* Exxon sold Norwegian North Sea assets to Var Energi, backed by Eni and private equity fund HitecVision, for $4.5 billion.


* Private equity group HitecVision’s NEO unit bought British North Sea oilfields from Total.

* Premier Oil and Chrysaor agreed to merge in a reverse takeover.

Outstanding deals

* Bids for a portfolio of Exxon Mobil’s British North Sea oil and gas fields, which is expected to fetch about $1 billion in the wake of this year’s oil price weakness, are due on Oct. 28.

* HitecVision is expected to bid for North Sea assets owned by Canada’s Suncor, industry sources have said.

* Total is seeking to sell its 25.7% stake in the Shearwater Elgin Area Line (SEAL) natural gas pipeline in the British North Sea, industry sources have said.

Compiled by Shadia Nasralla Editing by David Goodman