ConocoPhillips is evaluating a potential sale of its entire Norway business and its Teesside oil terminal in the U.K. The review follows an unsolicited offer from an undisclosed party.
The company has informed employees and regulators. It said the review aligns with its strategy of optimizing its portfolio.
The assets include stakes in multiple producing fields on the Norwegian continental shelf. The Teesside terminal processes crude oil from the North Sea. Analysts estimate the assets’ combined value at approximately $7 billion.
ConocoPhillips said it will proceed with a sale only if the offer meets its value expectations. Otherwise, it will retain the assets.