After Premier Oil was taken over by rival Chrysaor, it has abandoned the plan to buy North Sea fields from BP.
Premier and Chrysaor stated, “Premier will not be proceeding with the proposed refinancing or the acquisitions of assets from BP previously announced.”
Previously earlier in 2020, Premier agreed to acquire BP’s stakes in two North Sea fields for USD625 million. However, as it faced problems in raising the needed financing for the deal, it agreed to lower the price to USD210 million, but then it again asked for a reduction in September. At that time, BP said it would consider the offer.
The cancellation makes a small dent in BP’s USD25 billion divestment plan to cut debt as it starts to shift towards low-carbon energy.
