Major North Sea assets prepare for sale

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An attractive asset in the North Sea is likely to come on to the market following the decision of the French company Parenco to review its operations in the Southern North Sea.

Parenco has hired Tudor Pickering Holt to conduct a review of the operations which produces around 90,000 boe/d of gas from the North Sea, as well as the Bacton terminal in Norfolk. Parenco is the leading independent gas producer in the North Sea, responsible for around 15% of the daily output.

A spokesman for Parenco confirms that the review is taking place, but underlined that the process: may or may not lead to divestments or new partnerships.  The company’s 50% stake in the Wytch Farm development is not part of the review and will be retained.

Initial speculation has identified Ineos as a likely bidder for assets if they do come on the market, but it is thought that there would be keen interest from a number of players in the North Sea.

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