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Exxon Mobil Reportedly Agrees To Sell Norway Production For $4 Bln

Oil major Exxon Mobil Corp. (XOM) has agreed to sell its Norwegian oil and gas assets for up to $4 billion, Reuters reported citing sources familiar with the matter.

The deal would mark the company's exit from production in Norway after more than a century.

In June, the company had said that it was looking to sell its Norwegian upstream portfolio. This comprises minority stakes in more than 20 fields, which are operated by local producer Equinor and Royal Dutch Shell.

As per the report, the company engaged in talks with a number of interested parties in recent weeks, and also hired investment bank Jefferies to run the sale process.

The interested parties for the deal included Equinor, Aker BP, and Lundin Petroleum, among others.

ExxonMobil is also said to be planning to sell its assets in the British North Sea.

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