Petrofac looks to North Sea

Oil services group Petrofac is poised to buy a series of North Sea oil fields from Swedish company Lundin Petroleum, according to a report in today’s Times. The firm is understood to be in advanced talks with Lundin Petroleum over sites in the British and Norwegian sectors of the North Sea which would then be combined with its own operations in the area and floated off at a market value of up to $1bn (£663m). Goldman Sachs and JPMorgan Cazenove are advising on the deal, to be announced within days.