ConocoPhillips to sell North Sea assets for £2.3 billion

British billionaire Jim Ratcliffe’s petrochemicals company Ineos is in exclusive talks to buy ConocoPhillips’ North Sea oil and gas assets in a deal believed to be worth £2.3 billion.

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It is believed that Ineos has paid a deposit in return for three months’ exclusivity on the potential purchase.

ConocoPhillips plans to sell the assets in order to focus on shale gas production in the United States.

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