Exclusive: Exxon steps up assets sales with sweeping $25 billion plan by ronbousso1 NasrallaShadia
) is accelerating its biggest asset sales in decades with plans to divest up to $25 billion of oil and gas fields in Europe, Asia and Africa as it sharpens its focus on a handful of mega projects at home and abroad.
The Irving, Texas-based company has drawn up in recent months an extensive list of assets that spans at least 11 countries it wants to sell that will easily exceed its current $15 billion disposal target for 2021, according to the sources.Exxon, the world’s top listed energy company, has struck a number of deals in recent months including the $4.5 billion exit from Norway, and is also already offering assets in Australia, Nigeria, Malaysia.
The plan would also see Exxon significantly pare back operations in Southeast Asia with the sale of its assets in Indonesia and Malaysia, the sources said. Unlike rivals such as Shell and BP, Exxon did not carry out major review of its portfolio in recent decades. BP sold over $65 billion of assets following the 2010 Deepwater Horizon spill in the Gulf of Mexico while Shell sold over $30 billion after acquiring rival BG Group in 2016.
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