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ExxonMobil to sell upstream Norway assets for $4.5bn

Oil major ExxonMobil has announced that it has signed an agreement to sell its non-operated Norwegian upstream assets.

Under the agreement, Vår Energi AS will pay $4.5bn to acquire the assets. The deal forms part of ExxonMobil’s strategy to sell non-strategic assets worth around $15bn by 2021.

The deal covers stakes in 20 operations, mostly operated by Equinor, that produced a combined output of roughly 150,000 barrels per day (bpd) of oil equivalent this year, including Grane, Fram, Snorre, Statfjord and Ormen Lange.

A senior vice president of ExxonMobil, Neil Chapman, said the deal was part of ExxonMobil’s overall aim to build a leading upstream portfolio. He added:

“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 $15bn target by 2021.”

ExxonMobil, which also makes lubricants for Mobil UK stockists, already sold its stakes in the Jotun Ringhorne Balder and Ringhorne East to Point fields, which it operated itself, in 2017. It will, however, retain its chain of about 250 retail outlets under the Esso brand, as well as its refinery in Slagen.

Subject to approval from regulators, the deal is expected to be finalised towards the end of the year, with most ExxonMobil workers affected by the deal moving to take up roles at Vår Energi.

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