Exxon considering sale of UK North Sea assets – report

ExxonMobil is considering a sale of its North Sea assets as it focusses on US shale production, according to a news report.

The firm, which has been in the UK sector for 50 years, has held sales talks with a number of operators in recent weeks, according to Reuters.

Citing industry sources, the news agency said a deal for Exxon’s assets could fetch $2billion.

The move would follow other US operators ConocoPhillips and Chevron, who have sold off their UK portfolios to Chrysaor and Ithaca respectively this year.

Exxon, which is headquartered in Texas, has already put its Norwegian assets up for sale, which analysts have predicted could bring up to $3.1bn.

According to its website, ExxonMobil is responsible for around five percent of the UK’s oil and gas production.

It has interests in around 40 fields in the North Sea, most of which are operated by Shell as part of its 50-50 joint operation Esso Exploration and Production UK.

This includes a stake in the iconic Brent oilfield, which is in the decommissioning phase.

Neither firm made any comment on the report.

Exxon also has interests in fields operated by Total, Apache, CNR International, Equinor, ConocoPhillips and Wintershall DEA.

In April, Conoco closed a £2bn sale of its UK assets to Chrysaor, while Chevron sold its portfolio for £1.6bn to Ithaca the following month.

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