News Article

Mirai Life Securities: Exxon Mobil considering Sale Of Norwegian Assets

Mirai Life Securities researchers comment on the move

Researchers from Mirai Life Securities noted that Exxon Mobil is contemplating a step that would result in selling off their Norwegian coast oil and gas holdings.

Throughout the year, businesses like Okea and independent oil companies remarked on their interest in buying more assets in Norway. Mirai Life Securities analysts indicate the full valuation could range from $3 to $4 billion.

Adam Walker, Head of Corporate Trading at Mirai Life Securities, commented: “Traders and industry viewers are moving towards a prospective agreement that could be achieved as soon as next month, and there are a substantial amount of personal investment firms alongside large commercial firms already expressing interest in the areas.”

Net production measured off the Norwegian shoreline from its fields shows approximately 170,000 barrels of oil per day in 2017, according to the corporate website of Exxon Mobil.

Reuters indicated that Exxon Mobil has not yet reached a definitive agreement on the proposed sell-off. A spokesman commented: “Following interest expressed by several parties, Exxon Mobil has decided to open a data room to test the market interest for the upstream portfolio in Norway.”

“Many believe other companies will follow suit as the mature sections from the North Sea, where some production started in the late 1950s have seemed to dried up with more focus leaning on other more profitable areas.” explained Ralph Haranobu, Head of Research & Analysis at Mirai Life Securities.

Only two years earlier, Exxon Mobil sold its prior assets in the same region to counter the revenues it had to boost its position in more than 20 other areas, including those owned by Shell and Equinor.

CIMB Bank - Best exchange rate SG > MY

Login to your account below

Fill the forms bellow to register

Retrieve your password

Please enter your username or email address to reset your password.