Exxon Mobil Looking For Buyers Of North Sea Assets
12 Janeiro 2011 - 6:57PM
Dow Jones News
Exxon Mobil Corp. (XOM) said Wednesday that it is shopping its
stake in four North Sea oil and gas fields.
The U.K. unit of ExxonMobil's recently acquired XTO Energy owns
the properties, according to a document announcing the sale
released by IndigoPool, Schlumberger Ltd.'s (SLB) mergers and
acquisitions business. ExxonMobil, the largest U.S. oil company by
market value, did not provide an estimated value of the assets.
ExxonMobil will consider a cash sale, swap of assets or a
combination of both for its entire interest in the production
blocks, according to the IndigoPool document.
ExxonMobil plans to open a data room on the properties on Jan.
24.
Three of the four offered properties lie atop the Platypus gas
discovery in the North Sea, in which ExxonMobil holds a 15% stake.
The Texas oil giant holds a 33% share in the fourth block offered
for sale, which lies within the Witch Ground Graben area.
Dana Petroleum PLC, majority stakeholder and operator of the
Platypus blocks, said in April that that reservoir holds an
estimated 130 billion cubic feet of natural gas. Discussions are
under way to further assess the prospect with more drilling this
year, according IndigoPool.
ExxonMobil spokesman Patrick McGinn said the company continually
evaluates possible divestment and acquisitions to maximize the
value of its asset portfolio.
"In order to do this, we will test the interest of other
companies in particular assets that we think could have relatively
higher value in their portfolios than in ours," McGinn said.
Exxon and XTO merged in June in a $25 billion deal, excluding
debt. It is common for large energy companies to shed noncore
assets gained in their acquisitions.
Shares of Exxon recently traded up 62 cents, or 0.82%, at
$76.31.
-By Ryan Dezember, Dow Jones Newswires; 713-547-9208;
ryan.dezember@dowjones.com
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