ConocoPhillips, the third-largest U.S. oil company, said on Tuesday that it has completed the sale of its almost-20% interest in Russia's OAO Lukoil Holdings as part of its plan to reduce debt and shore up its balance sheet through various asset sales.
Texas-based ConocoPhillips (COP) has been selling the remaining 6% it held of Lukoil on the open market since late September, according to the Wall Street Journal. In 2009, Conoco announced it was looking to shed $10 billion in assets.
The company is also reportedly working with Bank of America to sell its North Sea assets, Bloomberg News reported, citing sources with knowledge of the matter. Exxon Mobil (XOM), the largest U.S. oil company, and BP (BP), the second-largest European oil company, are also looking to part with their North Sea assets due to declining production in the region.
The sale would include ConocoPhillips's interest in fields including Alba, Nicol, MacCulloch, Statfjord and Huldra as well as its stake in the interconnector pipeline between the U.K. and continental, Bloomberg reported.