«ExxonMobil» will Sell the Oil-Producing Assets in the North Sea
OREANDA-NEWS. «ExxonMobil» said, that through it's structure, «NEO Energy» has signed an agreement with investment company «HitecVision» to sell oil-producing assets in the northern and central parts of the North Sea in the UK. The deal is valued at more than $1 billion and has the potential to grow by another $300 million. If approved by regulators, it will be closed by mid-2021.
The parties agreed to buy and sell stakes in 14 oil fields where «Shell» is the main operator (including «Penguins», «Starling», «Fram», «Gannet Cluster» and «Shearwater»), as well as in the «Elgin-Franklin» field, which is being developed by «Total».
The company plans to keep the oil production assets in the southern part of the North Sea of «Exxon». The company will also retain it's business in the UK for the processing and marketing of fuels, lubricants, petrochemicals and the sale of natural gas.
«Our development plans, which prioritize Guyana, the US Permian Basin and Brazil aim to increase profit potential and create strong cash flow to fund future capex, reduce debt, and maintain robust dividends», said Neil Chapman, Senior Vice President of «ExxonMobil».