Exxon Mobil Corp will sell non-operating interest in its UK and North Sea exploration and production assets to private-equity fund HitecVision for more than $1 billion, as the oil major seeks to free up cash and focus on some mega projects
The deal includes holdings in 14 producing fields, operated primarily by Shell, as well as interests in the associated infrastructure. Exxon could also receive about $300 million in contingent payments based on an increase in commodity prices.
Exxon said on Wednesday HitecVision, which bought Exxon’s Norwegian North Sea assets for $4.5 billion in 2019, was making the purchase through its British unit Neo.
Exxon’s share of production from the fields, which was about 38,000 barrels of oil equivalent per day (boepd) in 2019, will more than double NEO’s output to around 70,000 boepd, making it among the top five oil and gas producers in the UK.
Source: Reuters
