(Reuters) - Exxon Mobil Corp (XOM.N) said on Thursday it would sell its Norwegian oil and gas assets for $4.5 billion to Var Energi AS, ending its production in a country where it started operations more than a century ago.
The company said the deal includes ownership interests in more than 20 producing fields operated mostly by local producer Equinor (EQNR.OL) with a combined production of about 150,000 barrels of oil equivalent per day in 2019.
The acquisition cements the position of Var Energi, which is almost 70% owned by Italy’s Eni (ENI.MI), as the second largest petroleum producer in Norway after Equinor, excluding state-owned Petoro.
Reuters had exclusively reported earlier this month that Exxon had agreed to sell its Norwegian assets.
The deal, which is part of Exxon’s plans to divest about $15 billion in non-strategic assets by 2021, is expected to close in the fourth quarter.
Reporting by Shanti S Nair in Bengaluru; Editing by Anil D'Silva