USA – ExxonMobil sells more than 800 million assets in the United Kingdom and the North Sea

Madrid, 24 (Europa Press)

ExxonMobil has signed an agreement with Neo Energy, the full owner of Hi-Techvision, to sell most of its non-performing assets in the upstream, research and manufacturing division of the United Kingdom and the United States North Sea. The oil company is worth $ 1,000 million (22 822 million), which could increase by another $ 300 million (6 246 million) depending on the evolution of the price of raw materials.

The deal, which is due to close in mid-2021, is considering handing over ownership of 14 major shell-operated manufacturing sectors, including Penguin, Starling, Fromm, Canet Cluster and Shearwater; Total-driven Elgin Franklin Fields; As well as interests in related infrastructure, the U.S. company said production output from these sectors is equivalent to about 38,000 barrels a day in 2019.

ExxonMobil will retain a dormant interest in research and production assets in the South and North Seas, as well as an interest in the liquid infrastructure that will provide ethane for Shell Eso’s gas and Fifth ethylene plant.

Neil Chapman, ExxonMobil’s senior vice president, said:

“Our development programs, which prioritize Guyana, the US-Permian Basin, Brazil and LNG, focus on increasing earnings potential, financing future equity investments, reducing debt and maintaining strong cash flow.”