CONOCO has agreed to
purchase interests in three North Sea natural gas fields from Canadian Occidental Petroleum for $C210m (#82m).
US-based Conoco has increased its interest in the
Vulcan and South Valiant fields to 50% from 42.1% and 37.5% respectively.
It is already the operator of both fields.
Conoco has also taken a 30% stake in the Caister field and a 15% interest in the Caister Murdoch System gas pipeline, increasing its stake in the pipeline to 42.25%.
Conoco's UK natural gas reserves will be boosted by 83 billion cubic feet and its daily production will increase by about 35 million cubic feet.
The agreement also includes the purchase of a number of long-term gas supply contracts and Canadian Oxy's interests in four discoveries and three
exploration blocks.
Calgary-based Canadian Oxy said the $C210m (#82m) sale of its UK offshore assets to Conoco formed part of a wider deal to dispose of $C370m (#144m) of non-core assets.
It has also sold a series of properties in British Columbia and Alberta and plans further disposals.
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