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Bloomberg
HitecVision is emerging as the frontrunner to acquire Exxon Mobil Corp’s oil assets in the UK North Sea, according to people familiar with the matter.
The private equity firm is in advanced talks with Exxon about a potential deal, the people said, asking not to be identified discussing confidential information.
A sale could fetch around $1 billion for Exxon, though final terms of a transaction are still being negotiated, the people said.
HitecVision has been involved in a string of acquisitions, both on its own and through portfolio companies like UK-focussed NEO Energy. It’s already been building up its presence in the region, with NEO completing a purchase of some British North Sea assets from Total SE in August.
There’s no certainty HitecVision will reach a pact with Exxon, and another buyer could still emerge, the
people said. Representatives for Exxon, HitecVision and NEO declined to comment.