Daily Management Review

ExxonMobil leaves Norway's oil and gas sector after 125 years of operation


The American corporation has agreed to sell its assets in Norway for $ 4 billion. ExxonMobil is also discussing the possibility of selling assets in the North Sea on the UK shelf.

Brian Katt
Brian Katt
This was reported with reference to unnamed sources by Reuters. The agency’s sources did not disclose who became the buyer of ExxonMobil's Norwegian assets, noting that negotiations over the past weeks have been conducted with interested parties in the person of Norwegian Equinor (former Statoil), Swedish Lundin Petroleum, as well as several other European companies.

ExxonMobil is Norway's oldest oil and gas company: in 1893 the firm began operating in Norway under the Esso brand.

According to Reuters sources, the American corporation also intends to sell its assets on the British shelf of the North Sea. Exxon’s potential exit from these assets will also be a landmark step: the company began operations in the North Sea in 1964.

Reports of the sale of Norwegian oil and gas assets resulted in a 1.5% rise in ExxonMobil quotes during trading on September 5 at the New York Stock Exchange.

source: reuters.com