BUSINESS NEWS
AUGUST 13, 2019 / 12:53 PM / UPDATED 11 HOURS AGO

Exclusive: After 50 years in UK North Sea, Exxon eyes the exit – sources

Ron Bousso

LONDON (Reuters) – Exxon Mobil (XOM.N) is considering a sale of its assets in the British North Sea after more than 50 years in the oil and gas basin as it focuses on U.S. shale production and new projects.

Exxon declined to commen.

Leaving the British North Sea would mark a major retreat from Europe for Irving, Texas-headquartered Exxon, which has already put its Norwegian offshore assets on the block.

It would follow similar moves by U.S. rivals Chevron and ConocoPhillips which earlier this year sold the bulk of their North Sea operations.

Most of Exxon’s operations are managed through a 50-50 joint venture with Royal Dutch Shell (RDSa.L), known as Esso Exploration and Production UK, and include interests in nearly 40 oil and gas fields.

Shell declined to comment.

Exxon produces around 80,000 barrels of oil and 441 million cubic feet of gas a day in the British North Sea, according to its website.

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