North Sea Exodus: Shell and ExxonMobil Offload Assets in $180M Deal

Shell and ExxonMobil have agreed to sell their North Sea assets to UK-based oil and gas company, Neo Energy, in a deal worth $180 million.

Source: NAM

The sale marks a significant exit for the oil majors from the region, as they continue to shift their focus towards more profitable ventures.


The assets, which include interests in the Sean and Bacton fields, have been deemed "non-core" by Shell and ExxonMobil. The deal is expected to close in the third quarter of 2024, subject to regulatory approval.


Neo Energy, backed by private equity firm, HitecVision, aims to revitalize the assets and increase production. The acquisition expands Neo's portfolio, cementing its position as a prominent player in the North Sea.


This sale marks the latest in a series of divestments by oil majors in the North Sea, as they prioritize investments in low-carbon energy and high-return projects.

Source: Upstreamonline

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