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Report: Chrysaor eyes $2.5B acquisition of Chevron's assets in UK North Sea

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Report: Chrysaor eyes $2.5B acquisition of Chevron's assets in UK North Sea

Chrysaor Holdings Ltd. has tapped the services of two investment banks to serve as advisers ahead of talks to purchase oil major Chevron Corp.'s oil and gas fields in the U.K. North Sea for more than $2.5 billion, Reuters reported Dec. 13, citing industry and banking sources.

The sources told Reuters that the London-based exploration and production company has hired investment banks Jefferies Financial Group Inc. and BMO Capital Markets Corp. to be advisers as the deadline for bids approaches before Christmas.

The two companies are also reportedly in talks regarding the sale of part or all of Chevron's 19.4% stake in the BP PLC-operated Clair Ridge field which could potentially fetch $1 billion, the sources add.

Earlier this year, Chevron said that it was looking to divest several of its U.K. North Sea oil and gas fields in order to focus on other, more prolific production areas.