ExxonMobil sells US$4.5bn of Norwegian upstream assets

EXXONMOBIL has signed an agreement with Vår Energi to sell its upstream assets in Norway for US$4.5bn.

The move comes as part of plans for ExxonMobil to divest around US$15bn in non-strategic assets by 2021. “Our objective is to have the strongest, most competitive upstream portfolio in the industry,” said Neil Chapman, Senior Vice President of ExxonMobil. “We’re achieving that by adding the best set of projects we’ve had in many years and divesting assets that have lower long-term strategic value.”

ExxonMobil will retain its downstream refining operations in Slagen and Esso-branded retail network in Norway.

The transaction includes ownership interests in over 20 producing fields with a combined production of around 150,000 boe/d. It is expected to close in the fourth quarter of 2019.