ConocoPhillips ‘looking’ to sell Canada assets

23 September 2015, News Wires – ConocoPhillips is looking to sell a major chunk of its Western Canadian assets, according to reports.

ConocoPhillips-logoThe Houston-based oil major said it was close to signing a deal to sell the oil and gas assets to various buyers including Canadian Natural Resources, news agency Bloomberg reported Tuesday.

Although details of the deal have not been released, unidentified sources said an agreement could be reached as early as next week.

The properties are located in British Columbia, Alberta and Saskatchewan and represent about 20% of the company’s total Canadian volumes excluding the oil sands.

According to marketing materials, the sale includes about 35,000 barrels of oil and gas per day in total production from the assets and net working interest in 2.4 million acres (971,000 hectares) for future drilling. Bloomberg estimates the assets to be worth more than US$1 billion.

Neither ConocoPhillips nor CNR have confirmed the deal.

ConocoPhillips recently announced job cuts of up to 1800 employees or about 10% of its global workforce.

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