ConocoPhillips (COP) Aims to Shutter Key North Sea Gas Operations

ConocoPhillips (NYSE: COP) may plan to shut down its Lincolnshire gas pipeline and the Theddlethorpe gas terminal, which is expected to trim the U.K.'s gas capacity by about 10 percent.

Reports out Tuesday have the Lincolnshire Offshore Gas Gathering System as one of the 15 largest gas networks in the U.K. Located in the North Sea, shuttering the operation would impact about 10 oil fields which are dependent on the Lincolnshire pipeline infrastructure.

ConocoPhillips said, [We are] working closely with the Oil and Gas Authority (OGA) and engaging with gas shippers and other stakeholders around the long-term plan [for the terminal and pipeline].

Shares of ConocoPhillips are down 1 percent early.

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