Exxon Mobil Corp. is exploring the sale of many of its U.S. Gulf of Mexico assets, as higher oil prices prompt the world’s largest publicly listed oil company to review its portfolio, sources tell Reuters.
Major oil companies have been looking to concentrate development operations in a few key areas. Irving, Texas-based Exxon is focusing on promising oil-rich acreage in areas such as Guyana, Brazil and the Permian basin of Texas.
Exxon has asked a small number of parties to gauge their potential interest in the company’s Gulf assets, ahead of making a decision on how to proceed, according to two of the sources, adding that any sale would likely happen next year.
Exxon is considering selling deepwater assets in the Gulf of Mexico that currently produce about 50,000 barrels per day of oil, according to one of the sources.
The sources who spoke to Reuters asked not to be identified because the matter is confidential. Exxon did not immediately respond to a request for comment.
Exxon’s positions in the Gulf of Mexico include a 50% stake in the development of the giant Julia oil field, and a 47% stake in the Hadrian South natural gas field, which it operates. The company also has a 9% piece of Heidelberg field and 23% of the Lucius oil and gas field, both of which are operated by Anadarko Petroleum Corp, according to Exxon’s latest annual report.
