01 March 2019, London — Britain’s Premier Oil has teamed up with U.S. private equity fund Apollo Global Management to bid for oil and gas fields owned by Chevron in the British North Sea, according to industry sources.
Premier has previously said it was looking to buy assets in the region, but it, and Apollo, had no immediate comment on Thursday.
Other parties vying for the Chevron assets, which could fetch around $1.5 billion, include Ithaca Energy, majority owned by Israel’s Delek and Chrysaor, which is backed by EIG Global Energy Partners, sources said.
Ithaca Energy declined to comment.
Chrysaor, which became one of the largest North Sea producers after buying $3 billion of oil and gas fields from Royal Dutch Shell in 2017, is also bidding for North Sea assets being sold by Chevron rival ConocoPhillips, according to sources close to the process.
Chevron in July kicked off the sale of its central North Sea oil and gas fields Alba, Alder, Captain, Elgin/Franklin, Erskine and Jade as well as the Britannia platform and its satellites.
Chevron’s net daily production in the North Sea in 2017 averaged 50,000 barrels of oil and 155 million cubic feet of natural gas, according to its website.