ExxonMobil to Move Out of North Sea Oil & Gas

ExxonMobil has recently announed that they are planning to leave the North Sea Oil & Gas industry. The company, one of the largest international oil and gas providers, is in talks with a number of other firms for the sale of its stakes in 40 Oil & Gas fields, with total expected value of £1.6 billion (USD $2 billion). Most of their portfolio is shared in a 50-50 joint venture with Royal Dutch Shell – who operate the fields. 

It is believed that ExxonMobil, along with Chevron and ConocoPhillips, will be shifting their attentions to North American shale projects. 

It is yet to be seen which companies will be interested in purchasing the stakes, with industry sources looking towards Chysaor, Ithaca Energy, and Ineos.

Image credit: ExxonMobil
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