• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 8 hours Hopes Are Dashed For International Oil Companies In North Iraq
  • 11 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 days Changing Gazprom ADRs to Russian shares
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Aluminum Prices Move Sideways As Energy Crisis Persists

Aluminum Prices Move Sideways As Energy Crisis Persists

Aluminum prices are sliding sideways…

UK Electricity Theft Breaks Records As Energy Bills Soar

UK Electricity Theft Breaks Records As Energy Bills Soar

Soaring energy prices have fueled…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Exxon Agrees To $4 Billion Sale Of 20 Oil And Gas Assets In Norway

Exxon has agreed to sell off its oil and gas assets in Norway in a $4 billion deal, Reuters sources familiar with the matter said on Thursday, in what will mark an end to its long presence in Norway’s upstream sector.

Exxon is selling its minority-held stages in 20 fields, currently operated by Equinor and Shell. Exxon has been in talks with interested buyers including Equinor—as well as Aker BP, DNO, Lundin Petroleum, Var Energi, and Hitech Vision.

In June, an Exxon spokesman told a Norwegian newspaper that the company was weighing the sale of its assets in Norway. Rystad Energy had at the time estimated that Exxon’s portfolio of Norwegian upstream assets has a value of US$3.1 billion. As of 1 January 2019, Exxon controlled 530 million barrels of oil equivalent on the Norwegian Continental Shelf, the most valuable asset being a stake in the Snorre field, worth nearly US$700 million, according to Rystad.

Exxon announced in August that it was exiting the UK’s North Sea, in a move that could raise $2 billion from the sale of interests in some or all of its 40 oil and gas fields that together account for 5% of UK’s overall production.

Exxon’s divestment in the North Sea in general shows renewed faith in its Permian and Guyana assets—the latter which has high hopes. Exxon’s very first production vessel—the Liza Destiny--has just arrived offshore Guyana, where it has announced 13 discoveries together with its partner in Guyana, Hess Corp.  It’s Liza 1 is expected to start up by Q1 2020, producing 120,000 bpd. 

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News