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Exxon Mobil : prepares its exit from the British North Sea

Wednesday, 14 August 2019 | 12:00

EXXON Mobil is poised to end a decades-long love affair with the British North Sea, becoming the latest US oil major to pull back and re-group on home soil.

The company has been sounding out fellow North Sea operators to find a suitable buyer for its assets in the basin, which could sell for up to $2bn (£1.65bn), sources told Reuters.

The meetings have been taking place in recent weeks, and involve all or some of Exxon’s assets.

The North Sea has faced a doublewhammy hit as reserves dwindle alongside new discoveries in the US.

Amid a US shale boom, majors are selling off, or scaling back their foreign investments to re-invest.
Source: City A.M.

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