ExxonMobil may curtail its projects in the North Sea

UNITED STATES, WASHINGTON (VOP TODAY NEWS) — ExxonMobil oil and gas company may leave projects in the North Sea, off the coast of Great Britain, after working in this basin for half a century, Reuters reports citing sources familiar with the situation.

“Exxon has held several meetings with North Sea operators over the past few weeks to assess interest in assets, the sale of which could bring up to $ 2 billion to the company,” sources said.

It is noted that the company pays more attention to shale oil production in the United States and new projects and withdrawal from assets in the North Sea will mark a serious retreat from the European market.

It is clarified that potential producers in the North Sea may be large manufacturers such as Chrysaor or Neptune. According to sources, in the event of unsuccessful negotiations with potential buyers, Exxon will consider appointing an independent bank to conduct an official sale.

Such a decision will not be the first on the part of American companies: for example, Chevron and ConocoPhillips in 2018-2019. sold a substantial portion of assets in the North Sea. In April, ConocoPhillips agreed to sell its assets. The completion of the transaction is planned for the second half of 2019, after obtaining regulatory approval.

And in July 2018, Chevron announced the sale of a number of its oil and gas assets in the North Sea as part of a revaluation of European resources, and in September announced that it had found a potential buyer.

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