Exxon Mobil seeks bidders for Norwegian offshore assets

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Exxon Mobil seeks bidders for Norwegian offshore assets

Exxon Mobil, world’s largest oil company and the seventh-largest chemical producer, headquartered in Irving, Texas, had been seeking an option to sell off all of its stakes on gas and oil fields offshore of Norway, a spokeswoman for Exxon Mobil with direct knowledge regarding the subject-matter had revealed on Saturday, the 22nd of June 2019.

As a matter of fact, the Texas-based US oil industry giant had long been seeking to get rid of its assets offshore of Norway, as about two years ago it had sold almost all of its operational assets over that region. However, the US oil major had still stakes at more than 20 oil and gas fields adjacent to Norwegian shores including Shell-operated Ormen Lange and Equinor-operated Snorre.

Adding that no decision had been made so far over the potential sell-off of all of the assets of Exxon Mobil offshore of Norway, the company spokeswoman said, “Following interest expressed by several parties, Exxon Mobil has decided to open a data room to test the market interest for the upstream portfolio in Norway”.

In point of fact, a deal could be reached as early as next month, as a number of private-equity-based firms including Okea alongside major oil firms likes of DNO and Aker BP, had said earlier this year that they had been looking forward to purchase more assets over the Norwegian shelf of the continent.