OSLO, Norway—Exxon Mobil Corp. is considering selling all of the stakes it holds in oil and gas fields off the Norwegian coast, a spokeswoman said.
Two years ago the U.S. major—the world's largest oil company—sold its operated assets in the area. But it has retained stakes in more than 20 other fields, including Equinor-operated Snorre and Shell-operated Ormen Lange.
"Following interest expressed by several parties, Exxon Mobil has decided to open a data room to test the market interest for the upstream portfolio in Norway," Anne Fougner said, adding that no decision to sell had yet been made.
A number of private-equity backed firms, including Okea, and independent oil firms Aker BP and DNO, have this year said they were looking to buy more assets on the Norwegian continental shelf.
Fougner's remarks confirmed a report in local newspaper Dagens Naeringsliv. She declined to comment on the value of the assets, which the business daily quoted an unnamed industry expert as saying could be worth $3 billion to $4 billion.
In 2017, Exxon Mobil's net production from fields off Norway was around 170,000 barrels of oil equivalent per day, according to its website. Erik Haugane, Okea's CEO, told Reuters this week he expected all oil majors except Norway's Equinor to exit the Norwegian continental shelf in a decade.
Another Norwegian oil firm, Det norske—controlled by billionaire Kjell Inge Roekke—bought BP's Norwegian assets in 2016, with BP getting a 30% stake in the new company, Aker BP.
U.S. major Chevron transferred its last stake in a Norwegian offshore license last year, while ConocoPhillips still operates Ekofisk, the first major oil discovery off Norway.
Recommended Reading
Matador Stock Offering to Pay for New Permian A&D—Analyst
2024-03-26 - Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-21 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.