OSLO, Norway—Exxon Mobil Corp. is considering selling all of the stakes it holds in oil and gas fields off the Norwegian coast, a spokeswoman said.
Two years ago the U.S. major—the world's largest oil company—sold its operated assets in the area. But it has retained stakes in more than 20 other fields, including Equinor-operated Snorre and Shell-operated Ormen Lange.
"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," Anne Fougner said, adding that no decision to sell had yet been made.
A number of private-equity backed firms, including Okea, and independent oil firms Aker BP and DNO, have this year said they were looking to buy more assets on the Norwegian continental shelf.
Fougner's remarks confirmed a report in local newspaper Dagens Naeringsliv. She declined to comment on the value of the assets, which the business daily quoted an unnamed industry expert as saying could be worth $3 billion to $4 billion.
In 2017, Exxon Mobil's net production from fields off Norway was around 170,000 barrels of oil equivalent per day, according to its website. Erik Haugane, Okea's CEO, told Reuters this week he expected all oil majors except Norway's Equinor to exit the Norwegian continental shelf in a decade.
Another Norwegian oil firm, Det norske—controlled by billionaire Kjell Inge Roekke—bought BP's Norwegian assets in 2016, with BP getting a 30% stake in the new company, Aker BP.
U.S. major Chevron transferred its last stake in a Norwegian offshore license last year, while ConocoPhillips still operates Ekofisk, the first major oil discovery off Norway.
Recommended Reading
Blackstone Buys NatGas Plant in ‘Data Center Valley’ for $1B
2025-01-24 - Ares Management’s Potomac Energy Center, sited in Virginia near more than 130 data centers, is expected to see “significant further growth,” Blackstone Energy Transition Partners said.
Cummins, Liberty Energy to Deploy New Engine for Fracking Platform This Year
2025-01-29 - Liberty Energy Inc. and Cummins Inc. are deploying the natural gas large displacement engine developed in a partnership formed in 2024.
SM Energy Marries Wildcatting and Analytics in the Oil Patch
2025-04-01 - As E&P SM Energy explores in Texas and Utah, Herb Vogel’s approach is far from a Hail Mary.
E&P Highlights: Feb. 3, 2025
2025-02-03 - Here’s a roundup of the latest E&P headlines, from a forecast of rising global land rig activity to new contracts.
Watch for Falling Gas DUCs: E&Ps Resume Completions at $4 Gas
2025-01-23 - Drilled but uncompleted (DUC) gas wells that totaled some 500 into September 2024 have declined to just under 400, according to a J.P. Morgan Securities analysis of Enverus data.