Exxon agrees to $4 billion sale of Norwegian oil and gas assets

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Exxon agrees to $4 billion sale of Norwegian oil and gas assets

Exxon Mobile, the US-based multinational gas and oil corporation headquartered in Irving, Texas, had agreed to a sell-off of its Norwegian gas and oil assets for as much as $4 billion, paving the way to exit Norway after initiating operation more than a century ago, at least three sources directly briefed over the subject-matter had unveiled on Thursday, the 5th of September 2019.

In point of fact, the US oil major Exxon Mobile, eighth-largest oil firm across the globe in terms of revenue, had told earlier in June that the company was looking to sell its Norwegian portfolio, consisted of minority stakes on as little as 20 oil and gas fields, currently operated by local producer, Equinor, alongside an Anglo-Dutch oil venture, Royal Dutch Shell.

On top of that, citing unidentified sources, a Norwegian daily, Dagens Naeringsliv report published on September 5th had been quoted saying that the buyer would be Var Energi, a local oil and natgas company in Norway, while the Norwegian daily had also added that the deal was expected to be announced as early as by the end of September.

Nevertheless, while being asked about the subject matter, an Exxon spokeswoman said, “As a matter of practice, we don’t comment on commercial discussions,” while Var Energi declined to comment.