Exxon In Talks To Exit Operations From UK North Sea

By John Heerdink LinkedIn

Reportedly, Exxon is exiting from the British North Sea oil and gas basin after doing business in the region for more than 50 years. Exxon operations are managed by a 50-50 joint venture with Royal Dutch Shell, known as Esso Exploration and Production UK. The decision to move out would mark a crucial departure for Exxon from Europe similar to its rivals like Chevron and ConocoPhillips who withdrew from the North Sea operations earlier this year.

As per sources, Exxon is in talks with a number of North Sea operators to take over its assets which is projected to bring in up to $2 billion to the company.

Exxon Mobil Corporation (XOM) explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. It also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene, and polypropylene plastics, and specialty products; and transports and sells crude oil, natural gas, and petroleum products. To learn more about ExxonMobil Corporation (XOM) and to continue to track its progress please visit the Vista Partners ExxonMobil Corp. Page.

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Exclusive: After 50 years in UK North Sea, Exxon eyes the exit – sources

Exxon Mobil is considering a sale of its assets in the British North Sea after more than 50 years in the oil and gas basin as it focuses on U.S. shale production and new projects. The world’s largest publicly traded energy company has held talks with a number of North Sea operators in recent weeks..

finance.yahoo.com

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