Mol plans to enter the UK North Sea as a participant in oil prices based on margins , according to unnamed banking sources . Mol has hired Bank of America Merrill Lynch to oversee the bidding process , which excludes Norwegian North Sea assets , the sources said . Mol declined to offer . The assets are valued in “ the low tens of millions ” of dollars , they said . In 2016 , Mol said that it was planning to cut back investment and focus on assets closer to Hungary that can still generate cash after a plunge in oil prices . The UK ’s North Sea basin was n’t profitable with oil trading at $ 30 a barrel at the time .
Mol plans to exit the UK North Sea as a drop in oil prices weighs on margins, according to unnamed banking sources. Mol has hired Bank of America Merrill Lynch to run the sales process, which excludes Norwegian North Sea assets, the sources said. Mol declined to comment. The assets are valued in “the low hundreds of millions” of dollars, they said. In 2016, Mol said that it was planning to cut back investment and focus on assets closer to Hungary that can still generate cash after a plunge in oil prices. The UK’s North Sea basin wasn’t profitable with oil trading at $30 a barrel at the time.