The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Exxon Mobil Corp’s UK North Sea assets have attracted suitors from state-owned companies
to private equity-backed firms as the US oil giant seeks to exit the aging region altogether, according to people with knowledge of the matter.
China Petroleum & Chemical Corp, Kuwait Foreign Petroleum Exploration Co and the UK’s EnQuest Plc are among bidders, the people said, asking not to be identified as the process isn’t public. Exxon started the sale in July following delays caused by the spread of the coronavirus and slumping oil prices.
Tailwind Energy, whose equity partner is commodity trader Mercuria Energy Group, also submitted a bid, as did NEO Energy and Siccar Point Energy Ltd, according to the people. Newcomer Viaro Energy, which recently acquired North Sea company Rockrose Energy Plc, is involved in the process as well, two people said. Exxon is offering its stake in 15 fields, which are expected to produce 37,000 barrels of oil equivalent a day net to the company this year, according to marketing documents seen by Bloomberg.