The transaction involves a share sale of Mobil California Exploration & Producing Asset Company. In addition, ExxonMobil affiliates have entered into a separate agreement for the sale of an associated loading facility and pipeline system.
Liam Mallon, president of ExxonMobil Upstream Company said: “This sale is part of our strategy to continually strengthen our industry-leading portfolio, focusing our investments in low-cost-of-supply oil and natural gas to meet consumer demand and create value for our shareholders.”
Mobil California Exploration & Producing Company holds a 48.2% share of Aera Energy LLC and a 50% share of Aera Energy Services Company, a joint venture with Shell. It was formed in June 1997 and has operations in eight onshore fields. In 2021, Aera produced about 95 000 boepd.
The sale does not affect ExxonMobil’s branded network of about 500 independently owned retail sites in California. The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals.br />
Read the latest issue of Oilfield Technology in full for free: Summer 2022
Oilfield Technology’s second issue of 2022 begins with analysis from Rystad Energy focusing on the upstream industry in Southeast Asia. The rest of the issue is dedicated to features covering advances in drilling, rig design, software and AI, corrosion and maintenance, artificial lift, flow control, and more.
Exclusive contributions come from Vink Chemicals, Archer, Taurex Drill Bits, Vysus, EM&I, SparkCognition, TÜV Rheinland Group, TGT Diagnostics, ChampionX, and Baker Hughes, as well as a guest comment from Patrick Long, Opportune.
Read the article online at: https://www.oilfieldtechnology.com/digital-oilfield/02092022/exxonmobil-to-sell-its-share-of-aera-energy-joint-venture/