Kerr-McGee/Maersk Summer sale

The world’s oil companies are having a hard time finding oil. So how come Kerr-McGee of the US is actually selling its North Sea oil fields? And why were none of the oil majors queuing up to buy them? Most of the fields were ultimately snapped up by a Danish shipping company. It was a similar story when Exxon sold its Texas fields earlier this summer to another minnow, Occidental Petroleum. One reason that Kerr-McGee’s auction only attracted smaller players was because the fields were relativ...