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Bloomberg
Exxon Mobil Corp. is considering a sale of its oil-producing offshore assets in Malaysia as part of the US energy giant’s global divestiture program.
The company is working with an adviser on the potential sale, which could raise about $2 billion to $3 billion, according to people familiar with the matter. The focus is on selling upstream assets operated under production-sharing contracts with state-owned Petroliam Nasional Bhd, known as Petronas.
The move follows Exxon’s $4.5 billion deal last month to exit Norway production and the decision to put Australian assets back on the market. Both are part of efforts to fund one of the biggest corporate turnarounds in Exxxon’s history after years of stagnating production and a stock-price that’s lagged rivals.
In Asia, Exxon is likely to leave projects worth a combined $5 billion in Vietnam, Indonesia, Thailand, Australia and Malaysia, analysts said in a research note.