Itochu buys North Sea interests
Several UK companies have announced deals with foreign buyers in the past few weeks. Lasmo, the struggling independent, last week raised pounds 126m from the sale of two parcels of assets to German and US buyers.
Over the past two years, there has been a shortage of buyers for North Sea assets due to weak oil prices. But the recent deal has raised hopes of improving conditions for asset trading.
Itochu's purchase is the first by the company in the North Sea and suggests that the sector is still attractive to foreign buyers due to its infrastructure and political stability. John Walmsley, Enterprise's finance director, said: 'This sale shows that good quality assets can still attract buyers at sensible prices.'
Enterprise has sold its 25 per cent interest in the Hudson field, together with stakes of 8.6 per cent and 26 per cent in the Hutton and North West Hutton fields. Hudson is due to start production with a initial daily output of 9,800 barrels late this year, while the Hutton blocks produce 4,500 bpd.
The group will use the proceeds to cut debts, which amounted to 40 per cent of net assets.
British Petroleum has sold a US nitrogen chemical subsidiary to Arcadian Partners, a local manufacturer, for dollars 100m.
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
- 5 Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Ashya King missing: Police hunt five-year-old boy with brain tumour snatched from Southampton hospital by his parents
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Papua New Guinea Mount Tavurvur volcano eruption sees international flights diverted
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
£450 - £500 per day: Orgtel: SAS Business Analyst, London, Banking, Credit Ris...
£32000 - £38000 Per Annum Bonus, Life Insurance + Other Benefits: Clearwater P...
£200 - £250 per day + competitive: Orgtel: KYC Analyst, Key Banking Client, Bi...
£400 - £500 per day: Orgtel: Test Manager - Banking - West Yorkshire - £400-£5...