Exxon Mobil plans to sell up to $25 billion of oil and gas fields in Europe, Asi...
) plans to sell up to $25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades, seeking to free up cash to focus on a handful of mega-projects, according to three banking sources.
The sales would see Exxon effectively quit its upstream oil and gas business in Europe, according to the three banking sources with direct knowledge of the plans. They would free up cash to invest in new developments in Guyana, Mozambique, Papua New Guinea, Brazil and the United States. The list, details of which have not been previously reported, would easily exceed its current divestment target which envisages it selling about $15 billion of assets by 2021.
In Africa, Exxon wants to sell its operations in Chad, Equatorial Guinea as well as parts of its Nigerian assets.
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