Exxon Mobil considers divesting oil assets in Gulf of Mexico

4 October 2018 (Last Updated September 3rd, 2020 12:24)

Global oil and gas firm Exxon Mobil is reportedly considering divesting a number of its US Gulf of Mexico assets.

Global oil and gas firm ExxonMobil is reportedly considering divesting a number of its US Gulf of Mexico oil assets.

Sources familiar with the matter were quoted by Reuters as saying that the sale plan is the result of the US-based ExxonMobil’s review into its portfolio.

Expected to take place in 2019, the sale would enable the company to concentrate on offshore areas such as Guyana and Brazil and onshore in the Permian basin of Texas.

According to Reuters, a few companies have been approached by ExxonMobil to determine their ‘potential interest’ in acquiring the oil assets.

The sale could include the disposal of deep-water assets in the Gulf of Mexico that produce nearly 50,000 barrels of oil per day.

“We remain committed to conducting business in the US Gulf region, as we have for more than 100 years.”

An ExxonMobil spokesperson told Reuters: “ExxonMobil continually reviews its assets for their contribution toward meeting the company’s operating needs, financial objectives and their potential value to others.

“We remain committed to conducting business in the US Gulf region, as we have for more than 100 years.”

ExxonMobil’s assets in the Gulf of Mexico comprise Julia oil field and Hadrian South natural gas field in which the company owns a 50% and 46.7% stakes, respectively.

Additionally, Exxon Mobil holds 9% of Heidelberg field and 23.3% of the Lucius oil and gas fields.