September 26, 2019 / 5:25 PM / a month ago

Exxon to sell Norway oil and gas assets for $4.5 billion

(Reuters) - Exxon Mobil Corp (XOM.N) said on Thursday it would sell its Norwegian oil and gas assets for $4.5 billion to Var Energi AS, ending its production in a country where it started operations more than a century ago.

The company said the deal includes ownership interests in more than 20 producing fields operated mostly by local producer Equinor (EQNR.OL) with a combined production of about 150,000 barrels of oil equivalent per day in 2019.

The acquisition cements the position of Var Energi, which is almost 70% owned by Italy’s Eni (ENI.MI), as the second largest petroleum producer in Norway after Equinor, excluding state-owned Petoro.

Reuters had exclusively reported earlier this month that Exxon had agreed to sell its Norwegian assets.

The deal, which is part of Exxon’s plans to divest about $15 billion in non-strategic assets by 2021, is expected to close in the fourth quarter.

Reporting by Shanti S Nair in Bengaluru; Editing by Anil D'Silva

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