ExxonMobil to sell Mobil North Sea LLC assets to
Apache North Sea Ltd
Assets represent 10 per cent of ExxonMobil’s daily UK equity production
Leatherhead (21 September 2011) -- ExxonMobil has today announced its intent to sell all UK North Sea assets operated by our affiliate Mobil North Sea LLC (MNSL) to Apache North Sea Ltd.
Included in the sale are the Beryl field and associated resource and infrastructure; MNSL-operated subsea fields connected to Beryl (Nevis, Ness, Buckland, Skene); the SAGE Gas Plant and associated pipeline infrastructure; selected non-operated interests (Maclure, Scott and Telford fields).
Most UK-based employees who currently spend the majority of their time working for Mobil North Sea LLC will transfer to Apache under TUPE regulations.
Following an orderly transition, it is anticipated that the transaction will be completed in late-2011.
“ExxonMobil routinely assesses its assets to assure consistency with the strategic objectives of the company and its shareholders, and concluded in this instance that their best interests would be served by this sale,” said Brad Corson, chairman of ExxonMobil International Limited in the UK.
The proposed sale does not affect ExxonMobil’s other UK assets, or the company's commitment to remaining a significant investor in the UK. Mobil North Sea LLC assets represent about 10 per cent of ExxonMobil’s daily UK equity production. We continue to have significant equity participation in over 40 UK producing fields in the North Sea, principally through the Shell/Esso joint venture.
In addition, ExxonMobil has a substantial downstream asset base in the UK, including its Fife Ethylene Plant at Mossmorran, Fawley Refinery near Southampton and Advanced Elastomer Systems in Newport, as well as the well-known Esso fuels and Mobil lubricants brands. Recently, ExxonMobil invested significantly in the South Hook Liquefied Natural Gas (LNG) Terminal, which opened in 2009 and will inject over $1 billion in to the local south Wales economy over its lifetime.