A few of the North Sea’s largest impartial oil producers are inspecting bids for the upstream operations of Prax Group, the vitality conglomerate whose collapse has triggered the closure of one in every of Britain’s few remaining oil refineries.
Ithaca Vitality, one other impartial participant, has additionally held discussions about a proposal however has determined to not lodge one, in accordance with a supply near the corporate.
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Prax’s E&P arm largely consists of the belongings it acquired when it swooped for Hurricane Vitality in a £250m deal in 2023.
The upstream belongings should not themselves in insolvency proceedings, though the cash generated from their sale shall be used to repay collectors of the broader group.
The bid deadline is available in the identical week that the Official Receiver stated the Prax Lindsey refinery in Lincolnshire would shut after no purchaser was discovered for it.
A whole bunch of jobs shall be misplaced as a consequence of the closure.
A sale course of can be pending for its downstream petrol forecourts enterprise.
A spokesperson for Teneo, the directors of State Oil and different belongings within the Prax Group, stated: “The ongoing management and operation of Prax E&P and its subsidiaries is a matter for the directors of those companies.”
Enquest, Ithaca and Serica all declined to remark.
