United States of America. ExxonMobil sells assets in the UK and North Sea for more than 800 million

Madrid, 24 years old (European press)

ExxonMobil has signed an agreement with Neo Energy, a wholly owned subsidiary of HitecVision, to sell the majority of unoccupied assets in the E&P sector, in the United Kingdom and the North Sea to the United States. An oil company with more than 1,000 million dollars (822 million euros), which could increase by another 300 million dollars (246 million euros) depending on the development of the prices of raw materials.

The agreement, to be completed in mid-2021, provides for the handover of ownership of 14 production fields mainly managed by Shell, including the Penguins, Starling, Fram, Janet Cluster and Shearwater; Elgin Franklin Fields managed by Total; Along with interests in the associated infrastructure, the American company said, which had a production quota of about 38,000 barrels per day from these fields in 2019.

ExxonMobil will retain its non-operating interest in exploration and production assets in the southern North Sea and its share in the gas and liquid infrastructure of Shell ISO, which supplies the FIVE ethylene plant.

“We continue to strengthen our portfolio by disposing of less strategic assets and focusing investments on our beneficial projects,” said Neil Chapman, Senior Vice President, ExxonMobil.

“Our development plans, which give priority to Gianna, the US Permian Basin, Brazil, and LNG, focus on increasing earning potential and generating strong cash flows to finance future equity investments, reduce debt and maintain reliable dividends,” he added.