ExxonMobil sells US$1bn Norwegian operated upstream business to PE-backed Point Resources

On 29 March 2017, Point Resources announced it had acquired ExxonMobil's operated upstream business in Norway for an undisclosed amount. Wood Mackenzie values the portfolio at US$987 million. The deal is transformational for Point Resources. Production in 2017 will rocket from 5,000 boe/d to 48,000 boe/d. The acquisition of this package, including the assets and operational knowhow of the 300 acquired personnel, will allow Point Resources to fulfil its ambition of becoming one of the leading E&P companies on the NCS. For ExxonMobil, the deal allows it to streamline its Norwegian business and reduces its decommissioning liability. Norway will remain a core legacy play for ExxonMobil through its non-operated positions valued at US$2 billion, although the country is becoming more peripheral in its global portfolio