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2/24, 2:02 PM (Source: TeleTrader)
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ExxonMobil to sell UK, North Sea assets for over $1B

ExxonMobil announced on Wednesday it signed an agreement to sell most of its non-operated upstream assets in the United Kingdom central and northern North Sea to private-equity fund HitecVision for over $1 billion. The deal is still subject to regulatory approval and is expected close by the end of the second quarter of 2021.

"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," ExxonMobil's senior vice president, Neil Chapman, stated.

The oil giant added 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.

Breaking the News / NP