Italian oil firm Eni has reportedly joined forces with Norwegian private-equity fund HitecVision to table a bid for ConocoPhillips’ North Sea portfolio.
US company ConocoPhillips had been in talks with Ineos over the divestment, but negotiations broke down earlier this year.
Eni and HitecVision intend to submit an offer for the package, which could raise £1.5 billion, Reuters reported, citing sources close to the process.
The two companies combined their Norwegian assets in to launch Var Energi in December.
Aberdeen-headquartered Chrysaor is also in the running for the portfolio, the report said.
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