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Exxon Mobil plans to exit British North Sea

Exxon Mobil plans to exit British North Sea

Mubasher: Exxon Mobil is reportedly planning to exit from the British North Sea to focus on the US’ shale production and new projects, according to Reuters.

The Texas-based energy giant is in talks with a group of North Sea operators to sell some of all of its assets in the basin. A deal that could generate $2 billion.

“Most of Exxon’s operations are managed through a 50-50 joint venture with Royal Dutch Shell, known as Esso Exploration and Production UK, and include interests in nearly 40 oil and gas fields,” Reuters reported.

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Exxon’s production in the British North Sea amounts to around 80,000 barrels of oil and 441 million cubic feet of gas per day.

The company is expected to close deals with large private equity-backed North Sea producers, among them Chrysaor and Neptune

As per the UK’s Oil and Gas Authority, the North Sea’s output is expected to decline over the next decade.