U.S. oil supermajor ExxonMobil (Xom) has hired investment bank Jefferies to sell the stakes it holds in gas and oilfields off the Norwegian coast, which could fetch up to $4 billion, sources told Reuters.
ExxonMobil said in June it was looking to test market interest for its Norwegian upstream portfolio, which includes minority stakes in more than 20 fields, operated by local producer Equinor and Anglo-Dutch oil major Royal Dutch Shell, Kallanish Energy understands.
The energy giant has now instructed Jefferies to help with the process, three sources told Reuters, to accelerate its exit from the northern European country where it’s been operating for well over a century.
ExxonMobil and Jefferies declined to comment.
A number of private equity-backed firms, including Okea, and independent oil companies Aker BP and DNO, have said they’re looking to buy more assets on the Norwegian continental shelf.
Var Energi, jointly owned by Italy’s Eni and Norwegian private equity fund HitecVision, is likely to show an interest, having previously bought Norwegian assets from ExxonMobil in 2017, a source told Reuters.
The North Sea offshore basin, which started production in the 1970s, has undergone a broad change of owners in recent years as veteran producers have been replaced by smaller players.
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