ExxonMobil Completes Sale of its U.K Upstream Central and Northern North Sea Assets
LEATHERHEAD, UK – ExxonMobil has completed the sale of most of its non-operated upstream assets in the United Kingdom central and northern North Sea to Neo Energy.
The sale price of more than $1 billion has additional upside of approximately $300 million in contingent payments based on potential for increase in commodity prices.
The sale includes ownership interests in 13 fields operated mostly by Shell, including Penguins, Starling, Fram, the Gannet Cluster and Shearwater; Elgin Franklin fields operated by Total; and interests in the associated infrastructure. ExxonMobil’s share of production from these fields was 38,000 oil-equivalent barrels per day in 2020.
ExxonMobil retains its non-operated share in upstream assets in the southern North Sea, and its share in the Shell Esso gas and liquids (SEGAL) infrastructure that supplies ethane to the company’s Fife Ethylene Plant.
ExxonMobil has operated in the U.K. for more than 135 years, and continues natural gas sales, refining and chemical operations, and the marketing of fuels, lubricants and petrochemicals.
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more about our activities in the UK, visit exxonmobil.co.uk and the Energy Factor Europe. Follow us on Twitter and LinkedIn.
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Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including the realization of contingency payments, could vary significantly depending on a number of factors including the supply and demand for oil, gas, and petroleum products and other market factors affecting the oil, gas, and petrochemical industries; the severity, length and ultimate impact of COVID-19 on people and economies and actions of governments in response to the pandemic; obtaining necessary approvals and consents and satisfaction of other conditions precedent contained in the applicable agreements; satisfaction of conditions affecting contingent payments; political and regulatory developments including environmental regulations the outcome of commercial negotiations; and other factors discussed in this release and under Item 1A Risk Factors in ExxonMobil’s most recent annual report on Form 10-K and under the heading “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com.