A number of the North Sea’s greatest unbiased oil producers are inspecting bids for the upstream operations of Prax Group, the vitality conglomerate whose collapse has triggered the closure of one among Britain’s few remaining oil refineries.
Sky Information has learnt that Enquest and Serica Power have been in talks with directors dealing with the insolvency of elements of the group about submitting gives for its exploration and manufacturing arm forward of a deadline on Thursday night.
Ithaca Power, one other unbiased participant, has additionally held discussions about a proposal however has determined to not lodge one, in keeping 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 Power in a £250m deal in 2023.
The upstream belongings will not be themselves in insolvency proceedings, though the cash generated from their sale can be used to repay collectors of the broader group.
The bid deadline is available in the identical week that the Official Receiver mentioned the Prax Lindsey refinery in Lincolnshire would shut after no purchaser was discovered for it.
A whole lot of jobs can be misplaced as a consequence of the closure.
A sale course of can also be pending for its downstream petrol forecourts enterprise.
A spokesperson for Teneo, the directors of State Oil and different belongings within the Prax Group, mentioned: “The continuing administration and operation of Prax E&P and its subsidiaries is a matter for the administrators of these corporations.”
Enquest, Ithaca and Serica all declined to remark.
