ExxonMobil seeking asset sales worth $25 billion to focus on mega-projects

ExxonMobil is planning to sell up to US$25 billion of its oil and gas fields around the world as it looks to free up funds for a handful of megaprojects, according to three banking sources heard by Reuters.

Under the plans, the US-based energy giant will be prepared to let go of assets spanning 11 countries across Europe, Asia and Africa in a sweeping cull of its existing portfolio.

Exxon has struck a number of deals in recent months as part of its current $15 billion asset divestment plan by 2021, including a $4.5 billion exit from Norway. The company is also offering its assets in Australia, Nigeria and Malaysia.

However, the expanded plan will see Exxon exit the North Sea, Germany and Romania, leaving its operations in the Netherlands as its only source of production in Europe.

In Africa, Exxon aims to sell out of Chad and Equatorial Guinea as well as parts of its Nigerian assets, while in Southeast Asia it will look to divest its interests in Indonesia and Malaysia, according to the sources.

Chief executive Darren Woods’ radical divestment plan would then free up the funds required for Exxon to go after major projects in Guyana, Mozambique, Papua New Guinea, Brazil and the US.