Danny Fortson
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The American oil group Noble Energy has put its North Sea business up for sale with a price tag of $350m (£210m).
It joins a series of companies that have decided to leave the North Sea because of declining production and Treasury tax increases.
The company has appointed Scotia Waterous to auction its European arm, which has holdings in 12 fields producing about 11,000 barrels a day. The bid deadline is October 21.
Market sources said the most likely bidders were companies with shared ownership in some of the fields. They include Maersk of Denmark, the Canadian group Nexen and Talisman, the Canadian oil explorer.
Interest is likely to be tepid because there are several companies trying to unload North Sea assets.
The move reflects a trend across the industry as companies sell out of long-established fields to fund exploration in new regions.
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