ExxonMobil signed an settlement at present with Vår 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.

“Our goal is to have the strongest, best Upstream portfolio within the business,” mentioned Neil Chapman, senior vp of ExxonMobil. “We’re attaining that by including the perfect set of tasks we’ve had in a few years and divesting property which have decrease long-term strategic worth. This sale is a vital a part of our divestment program, which is on observe to satisfy our $15 billion goal by 2021.”

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The transaction consists of possession pursuits in additional than 20 producing fields operated largely by Equinor, together with Grane, Snorre, Ormen Lange, Statfjord and Fram, with a mixed manufacturing of roughly 150,000 boepd in 2019.

The transaction is predicted to shut within the fourth quarter of 2019, topic to plain situations precedent, together with customary approvals from regulatory authorities. The majority of the ExxonMobil workers impacted by the sale will switch to positions at Vår Energi.

In 2017 the corporate offered 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: www.worldoil.com

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