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Wednesday 29 March 2017  - 6:49 CET

Sales and purchase agreement for operated fields

ExxonMobil Exploration and Production Norway AS (EEPNAS) has entered into a sales and purchase agreement with HitecVision’s portfolio company Point Resources for ownership interests in the ExxonMobil-operated Balder, Ringhorne, Ringhorne Øst, Jotun and Forseti fields on the Norwegian Continental Shelf (NCS).

The agreement includes operatorship of offshore field installations and also ExxonMobil’s offices in Sandnes, near Stavanger. The divestment does not include ExxonMobil’s refining and downstream businesses in Norway, nor ExxonMobil’s ownership interests in over 20 producing fields on the NCS, which are operated by others. The ExxonMobil-operated Sigyn field is also not included.

Total net production in 2016 from fields included in the transaction was approximately 54,000 barrels of oil equivalent per day (boepd). ExxonMobil’s net production from the excluded non-operated fields was about 167,000 boepd in 2016, while Sigyn production was about 3,600 boepd in 2016.

Approx. 300 employees working onshore and offshore on the assets concerned will transfer to the buyer in accordance with Norwegian law. ExxonMobil will retain an onshore organization to support its remaining Norwegian portfolio.

The agreement is subject to confidentiality obligations, so we cannot provide further information regarding the terms and conditions of the sale. Dependent on the government’s approval of the transaction and a well-planned transition that will follow, it is anticipated that the transaction will be completed in Q4 2017.