Released September 24, 2019 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Exxon Mobil Corporation (NYSE:XOM) (ExxonMobil) (Irving, Texas) continues its exit from the European oil and gas sector following an agreement to sell its Norwegian assets for up to $4 billion.
The company has confirmed that an exclusivity agreement has been signed with Var Energi, Norway's second-largest independent oil and gas company after Equinor (NYSE:EQNR), to negotiate a possible sale of the company's Norwegian upstream assets. A final sales agreement has yet to be signed, ExxonMobil confirmed to Reuters. Talks were also held with Equinor, Aker BP and Lundin Petroleum among others. ExxonMobil first revealed plans to sell its remaining upstream business in June as the company focuses more resources into the Permian Basin and U.S. liquefied natural gas (LNG) production alongside significant prospects in Guyana. The company said that production from the Permian was 274,000 barrels of oil equivalent per day (boe/d), up 90% from a year earlier. Industrial Info is tracking $79 billion in project activity by ExxonMobil.
In 2017, ExxonMobil sold its ownership interests in the operated fields of Balder, Jotun Ringhorne and Ringhorne East Norway to private equity firm HitecVision and oil company Point Resources for an undisclosed sum. This included a significant package of operated producing assets on the Norwegian Continental Shelf [54,000 boe/d], field assets such as platforms and floating production storage and offloading vessels (FPSOs) as well as the company's office building in Sandnes, near Stavanger and 300 employees. ExxonMobil continues to hold ownership interests in more than 20 producing oil and gas fields operated by others. In 2017 the company's net production from these fields was around 170,000 boe/d. These fields are operated by Equinor and Royal Dutch Shell.
Last month, Industrial Info reported that ExxonMobil was looking into selling its U.K. North Sea oil and gas assets as part of a $15 billion divestment plan. The assets could fetch up to $2 billion according to consultancy firm Wood Mackenzie. ExxonMobil has operated for more than 50 years in the U.K. The company produces roughly 80,000 barrels of oil and 441 million cubic feet of gas a day from its U.K. North Sea assets. It operates about 40 producing offshore oil and gas fields in the North Sea, many of which are operated by Shell U.K. Exploration and Production as part of a joint operation. For additional information, see August 26, 2019, article - ExxonMobil May Sell U.K. North Sea Assets.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The company has confirmed that an exclusivity agreement has been signed with Var Energi, Norway's second-largest independent oil and gas company after Equinor (NYSE:EQNR), to negotiate a possible sale of the company's Norwegian upstream assets. A final sales agreement has yet to be signed, ExxonMobil confirmed to Reuters. Talks were also held with Equinor, Aker BP and Lundin Petroleum among others. ExxonMobil first revealed plans to sell its remaining upstream business in June as the company focuses more resources into the Permian Basin and U.S. liquefied natural gas (LNG) production alongside significant prospects in Guyana. The company said that production from the Permian was 274,000 barrels of oil equivalent per day (boe/d), up 90% from a year earlier. Industrial Info is tracking $79 billion in project activity by ExxonMobil.
In 2017, ExxonMobil sold its ownership interests in the operated fields of Balder, Jotun Ringhorne and Ringhorne East Norway to private equity firm HitecVision and oil company Point Resources for an undisclosed sum. This included a significant package of operated producing assets on the Norwegian Continental Shelf [54,000 boe/d], field assets such as platforms and floating production storage and offloading vessels (FPSOs) as well as the company's office building in Sandnes, near Stavanger and 300 employees. ExxonMobil continues to hold ownership interests in more than 20 producing oil and gas fields operated by others. In 2017 the company's net production from these fields was around 170,000 boe/d. These fields are operated by Equinor and Royal Dutch Shell.
Last month, Industrial Info reported that ExxonMobil was looking into selling its U.K. North Sea oil and gas assets as part of a $15 billion divestment plan. The assets could fetch up to $2 billion according to consultancy firm Wood Mackenzie. ExxonMobil has operated for more than 50 years in the U.K. The company produces roughly 80,000 barrels of oil and 441 million cubic feet of gas a day from its U.K. North Sea assets. It operates about 40 producing offshore oil and gas fields in the North Sea, many of which are operated by Shell U.K. Exploration and Production as part of a joint operation. For additional information, see August 26, 2019, article - ExxonMobil May Sell U.K. North Sea Assets.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
