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Oil major to sell some assets for over USD1 B

February 26/2021

MOSCOW (MRC) -- ExxonMobil Corp said it would sell its non-operating interest in its UK and North Sea exploration and production assets to private-equity fund HitecVision for more than USD1 billion, said Hydrocarbonprocessing.

Exxon has been looking to sell its oil and gas assets since late 2019, seeking to free up cash to focus on a handful of mega-projects. The deal includes ownership interests in 14 producing fields operated primarily by Shell as well as interests in the associated infrastructure. Exxon could also receive about USD300 million in contingent payments based on a potential for increase in commodity prices.

Exxon's share of production from these fields was about 38,000 barrels of oil equivalent per day in 2019, the company said. Exxon said it would retain its non-operated share in upstream assets in the southern part of the North Sea as well as its interest in the Shell Esso gas and liquids (SEGAL) infrastructure, which supplies ethane to the company's Fife ethylene plant.

HitecVision, in partnership with Eni, had bought Exxon's Norwegian North Sea assets for USD4.5 billion in 2019.

Initially, Exxon hoped to raise more than USD2 billion from the sale, which was planned for late 2019. In June 2020 sources told Reuters that the portfolio was more likely to fetch USD1 to USD1.5 billion given the oil price weakness last year.

As MRC informed before, earlier this week, ExxonMobil Corp said it will close its 72-year-old Altona refinery in Australia, the countrys smallest, and convert it to a fuel import terminal as refiners struggle with low demand.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2% year on year. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased.

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world"s oil and about 2% of the world's energy.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, PP, PE, neftegaz, petrochemistry, Exxon Mobil.
Category:General News
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