Deal Insight

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

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06 April 2017

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

Report summary

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

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 9 images and tables including:

  • Point Resources production and capex outlook
  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Point Resources plans to boost production at Balder & Ringhorne
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Point Resources peer production outlook in 2017
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

What's included

This report contains:

  • Document

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

    PDF 371.03 KB