ExxonMobil intends to sell its oil and gas assets to a Norway firm backed by Eni, an Italian company for $4.5 billion.
The anticipated sale continues the journey of the biggest American energy firm from more mature North Sea oil production to focus on U.S. shale and other international prospects.
The company is selling to Vår Energi, a joint venture in which Eni owns almost 70 per cent stake and HitecVision, a Norway equity firm that holds the remaining 30 per cent.
The sale would bring an end to Exxon’s 125-year, oil-and-gas producing history in Norway, but will still keep its Norway oil refinery and its Esso-branded retail fueling
“Our objective is to have the strongest, most competitive upstream portfolio in the industry,” said Senior Vice President Neil Chapman. “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,” He added.
The deal includes ownership interests in more than 20 oil and gas fields with a combined production of about 150,000 barrels of oil equivalent per day.