Exxon Mobil to Sell Norway Upstream Operations to Eni's Var for $4.5 Billion
September 26 2019 - 1:35PM
Dow Jones News
By Colin Kellaher
Exxon Mobil Corp. (XOM) said Thursday it agreed to sell its
non-operated upstream assets in Norway to Eni SpA's (ENI.MI)
majority-owned Var Energi AS for $4.5 billion.
The Houston energy company said the sale, which it expects to
complete by the end of the year, is part of its previously
announced plans to sell about $15 billion in non-strategic assets
by 2021.
Exxon said the sale includes ownership interests in more than 20
producing fields operated mostly by Equinor ASA (EQNR.OS), with
combined production of roughly 150,000 oil-equivalent barrels a
day.
Eni last year merged its Eni Norge AS unit with Point Resources
AS, owned by private-equity firm HitecVision A/S (HITV.NO), to form
Var Energi. Eni owns 69.6% of Var, with HitecVision holding
30.4%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 26, 2019 13:20 ET (17:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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