ExxonMobil to be Considering Sale of $1b in Norway Assets

Source: Bloomberg 9/23/2016, Location: Europe

Exxon Mobil Corp. is considering a sale of some of the oil fields it operates in Norway’s North Sea in a deal that could fetch more than $1 billion, two people familiar with the matter said. Exxon, the world’s biggest listed oil company, isn’t running a formal process, though it has had discussions with potential buyers, said the people, who asked not to be identified because the deliberations are private. The company operates the Ringhorne, Balder, Sigyn and Jotun fields in Norway, which produced the equivalent of 64,000 barrels of oil a day in 2015, according to its website.

“We don’t comment on rumors or speculation about commercial matters like this,” Exxon spokesman Tore Revaa said by phone. “Exxon Mobil is a long-term investor in Norway, and we plan to continue as a significant investor.” The plans were previously reported by Offshore.no. The industry news website said Exxon was planning to sell Ringhorne, Balder and Sigyn, while Jotun is closing down soon.

Exxon’s efforts to sell assets are another sign that Norway, whose oil production has dropped by half since a 2000 peak, is falling on the priority list of increasingly selective big oil companies. The industry is cutting costs and investments to weather a slump in crude prices that’s battered the business for the past two years.

Total SA is considering selling down a 51 percent stake in its Martin Linge project off Norway, people familiar with the matter said earlier this month. BP Plc announced plans to merge its Norwegian unit into Det Norske Oljeselskap ASA this year, maintaining a 30 percent stake in the new company.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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