Oil companies to sell North Sea oil

According to industry experts, major oil companies will begin selling off ageing oil and gas fields in the North Sea. Small independent oil firms, backed by private equity houses, are the most likely candidates to pick up these assets, and their value could be as much as several billion euros. As a result of the sharp increase in oil prices, older North Sea oil fields have once again become a viable prospect for oil production, but with the levelling of oil prices recently it is becoming increasingly likely that these older fields will be sold off. These fields yield a few thousand barrels a day, compared with newer fields that produce millions of barrels a year. Some of the groups that are looking to dispose of ageing oil and gas fields include Shell, which hopes to raise around $15bn from such sales, Amerada Hess Corporation and Total.

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