ExxonMobil sells more than $1 billion of UK offshore assets

Oil giant Exxonmobil continues to refocus its portfolio and sells most of its drilling and exploration assets off the coast of the U.K. in the North Sea for more than $1 billion. Exxon has heightened its focus on other oil rich regions, including the Permian Basin in the Southwest United States. The sale relates to ExxonMobil’s interests of 14 producing fields in the North Sea which are run by Shell, Penguins, Starling, Fram, the Gannet Cluster and Shearwater. The share of production of ExxonMobil’s from these fields was approximately 38,000 oil-equivalent barrels per day last year.
The sale by Exxon of its North Sea assets first arose in 2019, and the selling price was estimated to be around twice of the number announced recently.