Kerr-McGee Completes Sales of Nonoperated U.K. Assets
Kerr-McGee has completed the sale of its interests in four nonoperated fields in the U.K. sector of the North Sea and related exploratory acreage and facilities for approximately US$566 million.
The majority of the assets were sold to Centrica plc. Talisman North Sea Limited and Amerada Hess have exercised pre-emptive rights to purchase Kerr-McGee's interests in the Andrew field and block 9/18w respectively. Kerr-McGee expects to use the net proceeds to reduce debt. This transaction is effective 1 July 2005.