Thursday , October 28 2021

ExxonMobil wants outside the North Sea


At the end of June, ExxonMobil Norway employees were informed that the company had begun selling its shares to the Norwegian continental shelf.

Headquartered in Irving, Texas, ExxonMobil operates in the UK sector in partnership with Royal Dutch Shell. Together they have interests in about 40 oil and gas wells. Exxon currently produces around 80,000 barrels of oil and 441 million cubic feet of gas daily in the UK, according to its own website.

Follow the others

If Exxon seriously withdraws from the North Sea, the company follows in the footsteps of US competitors Chevron and ConocoPhillips, which sold nearly all of its shares earlier this year.

In 2017, ExxonMobil sold its own operated flights to the Norwegian continental shelf owned by Hitecvision Point Resources. The company later merged with Eni Norge and was named Vår Energi.

Thus, the remaining operations of the company in Norway have already been sold.

Hear podcasts about the oil giants leaving the Norwegian continental shelf:

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Potential buyers may be large, privately funded North Sea manufacturers such as Chrysaor or Neptune. These are companies that have acquired shares of veteran manufacturers in the North Sea in recent years.

It is considered difficult to determine the value of Exxon's shares in the North Sea, as many fields and many infrastructure are at the end of their life cycle and face dismantling and possible renewal. It is an expensive process that can delay revenue for many years.

shale oil

Exxon sells to invest in shale oil in the US and new projects in other parts of the world, such as Guyana, Papua New Guinea, Brazil and Mozambique.

ExxonMobil sold its own operated continental shelf operations in 2017. Now the company wants to sell the rest of its business in Norway.

According to Dagens Næringsliv, the company's participation in the Norwegian continental shelf could cost up to 34 billion kronor. If the sale is completed, this could happen before New Year's Day with a possible carryover within the second quarter of next year.

ExxonMobil obtained the first license for the Norwegian Continental Shelf and today owns holdings in 20 production fields of the Norwegian Continental Shelf.

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