British petroleum company Ineos is in exclusive talks with ConocoPhillips to buy $ 3 billion in the North Sea oil and gas field from the US energy company, the Sunday Times reported without quoting sources.
Reuters said in May that ConocoPhillips is about to sell North Sea assets to focus on shale gas production in the United States. Bloomberg said the oil commander should sell $ 3 billion by the end of the year.
The Sunday Times report states that Ineos, owned by richest British man Jim Ratcliffe, has paid a three months deposit for a possible purchase.
HSBC and Citigroup were approached to provide funds, he added. (David Milliken's Report, Louise Heavens' Editing)