• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 12 hours Indonesia Stands Up to China. Will Japan Help?
  • 41 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 24 hours Beijing Must Face Reality That Taiwan is Independent
  • 2 mins Trump capitulated
  • 3 hours Three oil pipeline projects inch toward goal-line for Canada
  • 8 hours The Libyan Oil in a Sea of Chaos, War and Disruptions
  • 1 day Gravity is a scam!
  • 2 hours Yet another Petroteq debt for equity deal
  • 1 day Trump has changed into a World Leader
  • 12 hours OIL & GAS LOSSES! Schlumberger Posts $10B Loss in 2019
  • 15 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 1 day China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 21 hours US Shale: Technology
  • 22 hours Iranian government can do everything to avoid attacking American people.

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

ExxonMobil

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

Oilprice - The No. 1 Source for Oil & Energy News