ExxonMobil to divest its shale gas assets in the United States

ExxonMobil has reportedly started selling its shale gas assets in the Appalachian Basin, Ohio.

The sale of the 27,000-acre properties in the basin is part of the oil and gas company’s current strategy to divest the US assets, Reuters reported.

According to a marketing document consulted by the news agency, the company has put up for sale 61 wells, as well as stakes in 274 wells operated by other partner companies.

The 61 wells produced approximately 81 million cubic feet per day of natural gas equivalent in 2021.

A potential sale of the assets could net the company around $ 200 million. This is based on current natural gas prices and production from existing wells, the news agency added, citing a person familiar with the matter.

Exxon spokeswoman Sarah Nordin was quoted by Reuters: “ExxonMobil provides information to third parties who may have an interest in the assets, but no deal has been reached and no buyers have been made. identified “.

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The sale of the properties will allow Exxon to focus more on developing its assets in Guyana, off Brazil and on the Permian Basin shale field in Texas.

ExxonMobil also announced that it has acquired a 49.9% stake in Norwegian biofuels company Biojet.

The acquisition is part of ExxonMobil’s efforts to develop and deploy low-emission energy solutions.

The company, which started a low-carbon solutions business last year, is currently evaluating biofuels, carbon capture and storage and hydrogen projects around the world.

ExxonMobil Fuels and Lubricants Company President Ian Carr said: “The agreement with Biojet AS advances ExxonMobil’s efforts to provide low-emission products for the transportation industry.

“By using our access to the Slagen terminal, we can efficiently distribute biofuels in Norway and countries in northwestern Europe. “

Earlier this month, ExxonMobil announced that it had made oil discoveries off Guyana.

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