Kerr-McGee to offload U.K. portfolio

The Herald reports that Kerr-McGee, the US oil and gas giant, is poised to raise hundreds of millions of dollars by offloading assets from its $1.7bn UK portfolio.

The Oklahoma-based firm has identified five "packages" of UK assets deemed "non-core", for which it expects to receive final bids in mid-to-late July.

Kerr- McGee recently signed a potentially lucrative agreement with the Moroccan government to map Western Sahara’s offshore oil resources. Its current exploration contract runs until Oct. 29, which coincides with the next UN Security Council debate on the territory’s status.