The ‘for sale’ has been put up for a substantial portfolio of North Sea oil and gas assets.
Houston based Endeavour International has launched a formal marketing process. The American company entered into ‘Chapter 11’ bankruptcy in November, and key North Sea operations suffered downtime.
“Endeavour will consider a full range of options in order to unlock the value underlying the company's assets, including a sale of individual North Sea assets,” the company said in a statement.
The sales process provides “the best means to preserve and protect” value, Endeavour added.
Endeavour’s assets include a 25% stake in Chevron’s Alba field, as well as interests in producing assets operated by Apache, Talisman and Shell. Earlier in 2014 the group had aimed to have production rates of around 11,000 barrels per day.
As well as the producing assets, Endeavour also has interests in Columbus, a gas development project, and various exploration assets which amount to around 375mln prospective barrels.
Endeavour hired Blackstone Advisory Partners for the marketing process which will see the sale or all or substantially all of its North Sea oil and gas assets.
Meanwhile, in London trading Brent Crude stood at around US$65.50 while West Texas Intermediary futures edged higher to US$60.50.
It comes at the start of a key week for oil markets, with Friday's OPEC meeting in Vienna the obvious highlight.
The markets will be watching carefully for any change in attitude within the oil producers cartel, which has so far opted against reducing output and has instead fought for market share rather than attempt to support prices.
New stats indicate that, if anything, OPEC is intensifying this trend. Production among the organisation's twelve members increased to 31.22mln barrels per day, according to a Reuter's survey.