IRVING, Texas – ExxonMobil signed an agreement today with Vår Energi AS for the sale of its non-operated upstream assets in Norway for $4.5 billion as part of its previously announced plans to divest approximately $15 billion in non-strategic assets by 2021.
NEWS
Press Release: ExxonMobil to sell Norway upstream operations for $4.5 billion
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Press Release: ExxonMobil to sell Norway upstream operations for $4.5 billion
Business
Date posted: 27.09.2019
Category: Business News
- Agreement includes ExxonMobil’s upstream portfolio in Norway
- Part of ExxonMobil’s previously announced plans to divest $15 billion by 2021
- ExxonMobil retains downstream refining operations and Esso-branded retail network in Norway
“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. This sale is an important part of our divestment program, which is on track to meet our $15 billion target by 2021.”
The transaction includes ownership interests in more than 20 producing fields operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 oil-equivalent barrels per day in 2019.
Read entire press release HERE.
Source: ExxonMobil