ExxonMobil signed an settlement with Var Energi AS for the sale of its non-operated upstream property in Norway for $four.5 billion as a part of its beforehand introduced plans to divest roughly $15 billion in non-strategic property by 2021. Var Energy is owned by the Italian main Eni.
Agreement consists of ExxonMobil’s upstream portfolio in Norway
Part of ExxonMobil’s beforehand introduced plans to divest $15 billion by 2021, ExxonMobil retains downstream refining operations and Esso-branded retail community in Norway
“Our goal is to have the strongest, best upstream portfolio within the trade,” mentioned Neil Chapman, senior vice chairman of ExxonMobil. “We’re attaining that by including one of the best set of tasks we’ve had in a few years and divesting property which have decrease long-term strategic worth. This sale is a crucial a part of our divestment program, which is on monitor to fulfill our $15 billion goal by 2021.”
The transaction consists of possession pursuits in additional than 20 producing fields operated principally by Equinor, together with Grane, Snorre, Ormen Lange, Statfjord and Fram, with a mixed manufacturing of roughly 150,000 oil-equivalent barrels per day in 2019.
The transaction is anticipated to shut within the fourth quarter of 2019, topic to plain circumstances precedent, together with customary approvals from regulatory authorities. The majority of the ExxonMobil staff impacted by the sale will switch to positions at Vår Energi.
In 2017 the corporate bought its possession pursuits within the ExxonMobil-operated fields Balder, Jotun Ringhorne and Ringhorne East to Point Resources.
The ExxonMobil refinery in Slagen and community of roughly 250 independently owned Esso-branded retail websites are unaffected by the settlement.
(Source: ExxonMobil – Image: Loading buoy of Statfjord C with Statfjord A within the background /Digital Museum)

The put up EXXONMOBIL SELLS NORWAY UPSTREAM INTERESTS TO VAR ENERGY appeared first on Energy Global News.

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