ExxonMobil Gets Approval for Assets Sale to Vår Energi

ExxonMobil has received approval from European Commission to sell its non-operated upstream assets in Norway to Vår Energi, a company owned by Eni and HitecVision.

The Commission concluded that the proposed acquisition would raise no competition concerns given the companies’ moderate combined market positions resulting from the proposed transaction.

ExxonMobil announced the sale of assets to Vår Energi for $4.5 billion in September.

The transaction includes ownership interests in more than 20 producing fields operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 oil-equivalent barrels per day in 2019.

The sale is a part of the company’s previously announced plans to divest approximately $15 billion in non-strategic assets by 2021.