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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