ExxonMobil to sell Norway operations

Var Energi AS’s agreement for the purchase of ExxonMobil’s non-operated upstream assets in Norway has been signed.

The transaction, valued at US$4.5 billion, with Var Energi AS will include ownership interests in more than 20 producing fields operated mostly by Equinor, including Grane, Snorre, Statfjord, Fram and Ormen Large.

At the Grane field, oil is transported to Sture terminal via the Grane oil pipeline, while the oil from Snorre is piped to the nearby Statfjord platform for final processing, storage and exportation.

The Statfjord oil field’s gas is transported via the Statepipe pipeline to mainland Norway, and the Fram oil is transported by the Troll Oil Pipeline to the Mongstad terminal.

Lastly, the Ormen Large product is processed at the Nyhamna terminal before gas is exported to the UK via the 1,200 km subsea Langeled Pipeline.

Accumulatively, the fields have a combined production of approximately 150,000 oil-equivalent bbls/d as of 2019.

ExxonMobil Senior Vice President Neil Chapman said the sale follows ExxonMobil’s plans to divest approximately US$15 billion in non-strategic assets by 2021.

“We’re achieving that by adding the best set of projects we’ve had in many years and divesting assets that have lower long-term strategic value,” said Mr Chapman.

Subject to meeting standard conditions, the transaction is expected to be finalised by the end of 2019.

For more information visit the ExxonMobil website.

If you have news you would like featured in Pipelines International contact Managing Editor Chloe Jenkins at cjenkins@gs-press.com.au

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