Firm to sell UK portfolio

US independent oil and gas producer Kerr-McGee is selling its entire portfolio in the UK’s North Sea for $3 billion, the Business newspaper reported yesterday.Without revealing the source of its information, the paper said that the company’s senior British management was preparing for the handover of its fields, stakes, equipment and land to a new owner.It said Kerr-McGee was understood to be assessing bids from US independent oil and gas producer Apache and Canadian firms Talisman and Canadian Natural Resources. A sale was expected to be completed within the next month, it added.

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