Exxon Mobil stops production in Norway

The company has been operating in Norway for over 100 years.

Exxon Mobil, the US energy corporation, will sell its oil and gas assets in Norway for $4 billion. Three different sources reported it to Reuters.

“In the framework of the deal, minority blocks of shares in more than 20 fields will be sold”, the statement said.

The company announced plans to stop production in Norway and sell assets back in June.

Local media reported that the Norwegian oil and gas company Var Energi was the buyer of Exxon assets. The deal is scheduled to be announced in late September.

Exxon declines to comment on “commercial discussions”. Var Energi also declined to comment.

Amid news of the proposed deal, Exxon shares on the New York Stock Exchange increased by 1.7%.

Earlier, Reuters reported that Exxon Mobil was going to cease operations in the British North Sea and focus on the production of shale oil and gas in the United States, and on the development of new projects. The company's assets in the North Sea are estimated at $2 billion.

 

Source: Reuters 

Tags: oil

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