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NEW YORK (AP) - Oil and gas producer Kerr-McGee Corp. is nearing a deal to sell off its North Sea oil assets for about $3.5 billion, according to newspaper reports.
Citing a person familiar with the talks, The Wall Street Journal reported on its Web site Sunday that a deal could be struck in the next few days as the company tries to reshape itself as a primarily domestic developer of oil and natural gas fields. The Financial Times also reported news of the talks on its Web site.
Debbie Schramm, a spokeswoman at Kerr-McGee's Oklahoma City headquarters, would not confirm or deny the reports. "We don't comment on market rumors," she said.
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