Bank of America (NYSE:BAC) Hired by ConocoPhillips (NYSE:COP) for North Sea Asset Sales

According to people close to the situation, Bank of America (NYSE:BAC)has been retained by ConocoPhillips (NYSE:COP) to help them in selling their assets in the North Sea.

The actual sales process could start soon, according to the sources, who identified northern, southern and central regions of the North Sea as the stakes to be sold are located.

Also attempting to sell North Sea assets are Exxon Mobil (NYSE:XOM) and BP Plc (NYSE:BP). Most of the assets are those slowing down in production.

The companies want to divest of the assets in order to explore other areas that would probably be more productive.

John Roper, a spokesman for ConocoPhillips said, “ConocoPhillips announced in 2009 that it intends to sell approximately $10 billion of assets over a two-year period. The dispositions will occur across the company’s exploration and production and refining and marketing portfolio. This disposition could include our southern North Sea operations and some of our U.K. non-operated assets.”

Bank of America had no comment on the matter.