March 29, 2017 / 11:50 AM / 4 months ago

Exxon to sell its Norway-operated oilfields

2 Min Read

OSLO, March 29 (Reuters) - Exxon Mobil has agreed to sell its operated upstream business in Norway to private equity firm HitecVision and oil company Point Resources for an undisclosed sum, it said on Wednesday.

The deal involves a transfer of about 300 staff and means that the world's largest listed oil firm will no longer operate producing fields on the Norwegian continental shelf.

Exxon Mobil retains stakes in more than 20 producing fields operated by Statoil and Shell however, including the Snorre oilfield and the major Ormen Lange gas field.

The fields sold had daily output of 54,000 barrels of oil equivalents in 2016, while Exxon's remaining Norwegian stakes yielded about 170,000 barrels per day, a company spokesman said.

Point Resources, which is majority owned by HitecVision, will have output of about 60,000 barrels of oil equivalent following the deal, which could grow to about 80,000 barrels in 2022, the company said in a separate statement. (Reporting by Nerijus Adomaitis and Terje Solsvik, editing by Louise Heavens)

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