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ExxonMobil to sell over $1bln. in UK offshore assets

- Transaction expected to close by mid 2021

home > News from companies, World, Americas 25.02.2021 14:01 Sibel Morrow

ExxonMobil to sell over $1bln. in UK offshore assets

US Energy giant ExxonMobil is set to sell its UK upstream central and northern North Sea assets to private-equity fund HitecVision for over $1 billion, the company announced on Wednesday.

The company signed an agreement with HitecVision, through its wholly-owned portfolio company NEO Energy. The more than $1 billion sales price is subject to closing adjustments and has an additional upside of approximately $300 million in contingent payments based on the potential for increases in commodity prices.

The company wants to focus on increasing earnings potential and generating strong cash flow to fund future capital investments, reduce debt and maintain a reliable dividend by prioritizing Guyana, the US Permian Basin, Brazil and LNG.

The agreement includes ownership interests in 14 producing fields operated primarily 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 approximately 38,000 oil-equivalent barrels per day in 2019.

The company said it will retain 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.

“We continue to high-grade our portfolio by divesting assets that are less strategic and focusing our investments on our advantaged projects that are among the best in the industry,” Neil Chapman, senior vice president of ExxonMobil, was quoted as saying in the statement.

The transaction is expected to close by the middle of 2021, subject to regulatory and third party approvals.

ExxonMobil has operated in the UK for more than 135 years and continues natural gas sales, refining and chemical operations, the marketing of lubricants and petrochemicals, and the marketing of fuels through a network of more than 1,300 independently owned Esso-branded retail sites.

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr




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Eni to explore oil in Block 1 offshore Bahrain

- Italian energy company signs exploration and production sharing agreement with Bahrain's oil and gas authority
02.05.2019 Upstream , News from companies , Middle East-Africa , General

Abu Dhabi launches bid round 2 for 5 exploration blocks

- Three offshore, two onshore blocks cover nearly 34,000 sq. km. and have substantial oil and gas potential, ADNOC says
02.05.2019 Upstream , Shale/Unconventional , Upstream , News from companies , Middle East-Africa , General

Orsted invests in Taiwan's largest offshore wind farm

- Changhua 1 and 2a will have capacity of approx. 900 MW, enough to supply around 1 million households with green power
30.04.2019 Wind , News from companies , Asia , General

Repsol, LLOG partner for new Gulf of Mexico projects

- Companies to carry out joint deepwater projects in several blocks comprising Leon and Moccasin discoveries
30.04.2019 Upstream , News from companies , Americas , General

Enel brings online its first solar power plant in Zambia

- Thirtyfour-megawatt Ngonye facility, located in south, will sell energy to state-owned utility ZESCO through 25-year PPA
30.04.2019 Solar , News from companies , Middle East-Africa , General

Engie to sell its German, Dutch coal assets

- French energy group signs agreement with global investment firm Riverstone Holdings LLC
29.04.2019 Coal , News from companies , Europe , General

Occidental makes 3rd Anadarko offer outbidding Chevron

- Texas-based oil and gas company proposes $76 per share against Chevron's deal for $65
26.04.2019 Natural Gas , Oil , Finance , News from companies , Americas , General

ADNOC inks new deal for base oil sales to India

- IndianOil will use ADbase to manufacture high-end engine oil for India's growing automotive sector
24.04.2019 Refining/Petro Chemistry , News from companies , Asia , General

Vestas secures its largest wind order in Poland

- Danish company to supply V126-3.45 MW turbines for 132 MW Jasna project in north
24.04.2019 Wind , News from companies , Europe , General

Saudi Aramco to buy Shell's share in SASREF refining JV

- Following transaction, Saudi Aramco will own 100 percent of joint venture located in Saudi Arabia's Jubail Industrial City
23.04.2019 Refining/Petro Chemistry , News from companies , Middle East-Africa , General

Nordex Group posts wind order intake of 1 GW in 1Q19

- German wind turbine manufacturer receives orders from 13 countries
17.04.2019 Wind , News from companies , World , General

Siemens Gamesa to supply two French offshore wind projects

- German company will also service projects under development awarded to Eolien Maritime France consortium in 2012 tender
17.04.2019 Wind , News from companies , Europe , General

Saudi Aramco to acquire stake in Hyundai Oilbank

- Subsidiary Aramco Overseas Company B.V to purchase 17 percent stake in South Korean oil refining company
17.04.2019 Refining/Petro Chemistry , News from companies , Asia , General

Vestas acquires 25.1% stake in German SOWITEC

- Acquisition of minority stake comes with option to buy entire company within three years
12.04.2019 Renewable , Wind , Solar , News from companies , Europe , General

Saudi Aramco to sell Arabian crude oil to Polish refiner

- Aramco Trading signs supply agreement with PKN Orlen
12.04.2019 Oil , News from companies , Europe , Middle East-Africa , General

Engie, Tokyo Gas to establish renewables JV in Mexico

- Heolios EnTG will develop, finance, construct, own, operate and maintain two wind and four solar projects
10.04.2019 Renewable , Wind , Solar , News from companies , Americas , General

Total and partners sign agreement for Papua LNG project

- Project with capacity of 5.4 million tons per year will unlock over 1 billion barrels of oil equivalent of gas resources
10.04.2019 Lng/Lpg , News from companies , Asia , General

Total inks interim deal for Oman's onshore gas block 12

- Company will be granted 100% working interest and operatorship of gas exploration block 12 in Central Oman in coming months
09.04.2019 Upstream , News from companies , Middle East-Africa , General

Engie-led consortium to buy 90% of Brazilian TAG

- Petrobras chooses $8.6 billion bid to acquire equity stake in Brazil's largest gas transmission network owner
08.04.2019 Natural Gas , News from companies , Americas , General

Turkish bottled water firm invests $6.5M in Ethiopia

- Avante Water inaugurates bottled water brand at ceremony in capital Addis Ababa
05.04.2019 News from companies , Turkey , General

Total's Saft to expand lithium-ion trade in China

- Saft will form joint venture with Chinese group Tianneng to develop, manufacture and sell lithium-ion cells
04.04.2019 News from companies , Asia , General

Eni, Fiat Chrysler develop low-carbon fuel for cars

- A20 emits up to 3 percent less carbon dioxide, reducing environmental pollution, Eni says
04.04.2019 Renewable , News from companies , Europe , General

France's Engie inaugurates first mini-grid in Zambia

- Energy group aims to develop 2,000 mini-grids by 2025 in Africa for access to renewable, reliable and cost-effective energy
04.04.2019 Renewable , Solar , News from companies , Middle East-Africa , General

GE to supply turbines for 342MW wind project in Spain

- GE Renewable Energy will install 91 onshore wind turbines from its 3MW platform
04.04.2019 Wind , News from companies , Europe , General

Nordex secures 157.5 MW wind farm deal in Australia

- German manufacturer to supply 35 N149/4.0-4.5 turbines for Mortlake South Wind Farm project in Victoria
02.04.2019 Wind , News from companies , Asia , General

MHI Vestas to supply offshore wind project in Scotland

-Kincardine, world's largest floating offshore park, will be first floating project worldwide to have wind turbines over 9 MW
03.04.2019 Wind , News from companies , Europe , General

Nordex Group receives 166 MW order from Argentina

- German manufacturer to supply 38 N149/4.0-4.5 wind turbines for independent power producer Genneia
02.04.2019 Wind , News from companies , Americas , General

Vestas to supply Denmark's first subsidy-free wind park

- Danish wind giant to install four V136-4.2 MW turbines for 17-megawatt project in Port of Hirtshals
30.03.2019 Wind , News from companies , Europe , General

Enel begins build of four wind farms in Zaragoza, Spain

- Four facilities with total capacity of 110 MW will generate up to 375 gigawatts-hour per year once operational by year's end
29.03.2019 Wind , News from companies , Europe , General

Saudi Aramco to buy 70 pct stake in petrochem. firm SABIC

- Riyadh-based companies have petrochemicals production capacity of 17 and 62 million tons per year, respectively
29.03.2019 Refining/Petro Chemistry , News from companies , Middle East-Africa , General

CIP, FCC to build $633M energy-from-waste plant in UK

- Plant expected to power roughly 110,000 homes, offsetting more than 200,000 tonnes of carbon dioxide per year
28.03.2019 Renewable , News from companies , Europe , General

Statkraft, redT partner for solar, energy storage in UK

- UK's first fully-financed solar and storage solution will enable corporates to save up to 20 percent on energy costs, companies say
28.03.2019 Solar , News from companies , Europe , General

BP commits $100M to reduce greenhouse gas emissions

- Fund will support projects in group's upstream oil and gas operations
27.03.2019 Upstream , Upstream , News from companies , World , General

Nordex Group announces new N149/5.X turbine

- German manufacturer adds third wind turbine model to its Delta4000 series designed for low to moderate-wind areas
27.03.2019 Wind , News from companies , Europe , General

Indian consortium to explore Abu Dhabi Onshore Block 1

- ADNOC awards oil, gas exploration rights in large block near Ruwais refining, petrochem hub to Indian Oil & Bharat Petroleum
26.03.2019 Upstream , Upstream , News from companies , Middle East-Africa , General

ADNOC inks downstream MoUs with OMV, Borealis

- Abu Dhabi National Oil Company aims to explore new collaboration opportunities in downstream sector
26.03.2019 Downstream , Refining/Petro Chemistry , News from companies , Middle East-Africa , General

Vestas secures 96 MW wind farm order in Mexico

- Engie's Eolica Tres Mesas IV project in Tamaulipas to feature first 150-meter Vestas rotors in country
22.03.2019 Wind , News from companies , Americas , General

Endesa signs charter deal for second LNG carrier

- Move guarantees transport and commercial operation of 2 billion cubic meters of LNG from US' Cheniere over next 20 years
22.03.2019 Lng/Lpg , News from companies , World , General

UK's largest public rapid EV charging hub officially opens

- Located in Milton Keynes, about 50 miles northwest of London, site has eight 50kW rapid chargers
21.03.2019 Electricity , News from companies , Europe , General

Nordex starts production of Delta4000 wind turbine series

- N149/4.0-4.5 turbine yields up to 28 pct more energy, making it firm's most efficient turbine for low- to medium-wind sites
20.03.2019 Wind , News from companies , Europe , General

GE to co-develop 583 MW gas power plant in Bangladesh

-Summit Meghnaghat II power plant will become operational by 2022 to generate electricity for up to 700,000 Bangladeshi homes
20.03.2019 Electricity , Natural Gas , News from companies , Asia , General

Japan's Inpex wins Abu Dhabi onshore exploration bid

- ADNOC awards Inpex Corporation oil and gas exploration rights for Abu Dhabi Onshore Block 4 in UAE
18.03.2019 Upstream , Upstream , News from companies , Middle East-Africa , General

Engie sells stake in Thailand's Glow for €2.6 billion

- Coal now accounts for only 6 percent of group's total electricity production capacity, compared with 13 percent in 2015
15.03.2019 Coal , News from companies , Asia , General

Enel buys 650 MW of renewable power plants in US

- Group acquires seven fully operational plants including solar, wind and geothermal from its US joint venture EGPNA REP
15.03.2019 Wind , Solar , Geothermal/Biomass , News from companies , Americas , General

BP, Environmental Defense Fund join to cut methane emissions

- Collaboration aims to reduce methane emissions across oil and gas industry
14.03.2019 Natural Gas , Oil , News from companies , World , General

Petrofac awarded $1B gas development project in Algeria

-Firm to provide engineering, procurement and construction services for Ain Tsila gas, LPG and condensate development project
15.03.2019 Natural Gas , Lng/Lpg , News from companies , Middle East-Africa , General
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