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    Neo in Exclusive Talks for ExxonMobil UK Assets

Summary

The US major has been searching for a buyer for its UK offshore business for over a year.

by: Joe Murphy

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Neo in Exclusive Talks for ExxonMobil UK Assets

Neo Energy, backed by Norwegian private equity group Hitecvision, is in exclusive negotiations to buy ExxonMobil's upstream operations in the central and northern UK North Sea, the company said on January 21.

Neo said that if successful, the talks will result in a sales agreement being signed in the first quarter, with the deal's closure expected later in the year.

ExxonMobil has been searching for a buyer for its UK business for over a year. The US major has shares in almost 40 oil and gas fields through its Esso Exploration & Production UK subsidiary. It sold its Norwegian assets in 2019 to Eni-owned Var Energi for $4.5bn and is seeking to exit the European upstream sector altogether within the next few years.

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