North Sea M&A quick off the blocks

DNO’s swoop for Faroe could mark the start of another busy year for changes in asset ownership

In January, Norwegian independent DNO had an improved 160p/share offer for Aberdeen-headquartered North Sea E&P firm Faroe Petroleum accepted, following a previous 152p/share bid late last year. Just as that union was consummated, press reports emerged spotlighting UK independent Premier Oil as a prime candidate to buy North Sea assets on the block, following US major Chevron's decision to sell off its portfolio in the Central North Sea and potentially its stake in Clair in the West of Shetland (WoS). In December, private equity-backed Chrysaor was also linked with a move for Chevron's assets. The three-month exclusivity deal into which UK petrochemicals heavyweight Ineos entered to nego