WoodMac: Exxon Mobil's Norway sale could be substantial - Chron

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  In this undated file photo, Norwegian oil rig "Bideford Dolphin" is seen in the Snorre oil field in the North Sea off the coast of Norway. Amid the rough undercurrents of economic and financial uncertainty tugging at Europe, Norway is a rock-solid island of the blessed. Because it is outside the European Union, it does not have to contribute to bailouts of Greece and other foundering eurozone nations. And if all that were not enough, one of Europe's most prosperous nations is about to get richer _ two of its previous North Sea oil discoveries are substantially bigger than previously thought. less

  In this undated file photo, Norwegian oil rig "Bideford Dolphin" is seen in the Snorre oil field in the North Sea off the coast of Norway. Amid the rough undercurrents of economic and financial uncertainty ... more

  Photo: Associated Press

Photo: Associated Press

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In this undated file photo, Norwegian oil rig "Bideford Dolphin" is seen in the Snorre oil field in the North Sea off the coast of Norway. Amid the rough undercurrents of economic and financial uncertainty tugging at Europe, Norway is a rock-solid island of the blessed. Because it is outside the European Union, it does not have to contribute to bailouts of Greece and other foundering eurozone nations. And if all that were not enough, one of Europe's most prosperous nations is about to get richer _ two of its previous North Sea oil discoveries are substantially bigger than previously thought. less

In this undated file photo, Norwegian oil rig "Bideford Dolphin" is seen in the Snorre oil field in the North Sea off the coast of Norway. Amid the rough undercurrents of economic and financial uncertainty ... more

Photo: Associated Press

WoodMac: Exxon Mobil's Norway sale could be substantial

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Exxon Mobil's potential sale of its Norway assets could be the country's biggest oil and gas transaction in more than a decade.

Exxon Mobil's interest in exiting the Norwegian side of the North Sea should attract multibillion-dollar offers and help Exxon exit a part of the world that isn't considered a key focus area, said the energy research firm Wood Mackenzie.

"While Norway is no longer core to the overall business, ExxonMobil's position is substantial enough to receive an attractive exit price, particularly as Norway remains one of the premium M&A markets in the world," said Neivan Boroujerdi, WoodMac's upstream Europe analyst.

Exxon is no longer an act player in Norway,  but  largest U.S. energy company holds stakes in more than 20 operating fields and projects in the region, representing about 150,000 barrels of oil equivalent per day. Norway's Equinor is the operator on many of the assets.

RELATED: ConocoPhillips sells UK North Sea assets for $2.68B

It's believed that a number of growing private and independent energy firms focused on the North Sea would be interested in the assets. Norway's Okea is growing and planning to go public, for instance, while London-based Chrysler is buying the United Kingdom-based North Sea assets of ConocoPhillips.

"In terms of buyers, the new wave of North Sea independents are likely to be the front runners," Boroujerdi said.

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https://www.chron.com/business/energy/article/WoodMac-Exxon-Mobil-s-Norway-sale-could-be-14032722.php

2019-06-24 13:07:00Z
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