ExxonMobil Exploration and Production Norway AS

ExxonMobil Exploration and Production Norway AS is part of ExxonMobil’s upstream presence in Norway, historically linked to the group’s exploration and production interests on the Norwegian Continental Shelf. Within Norway, ExxonMobil has a long-standing role in the country’s petroleum sector, from early North Sea production through to participation in major offshore oil and gas fields. These upstream activities formed one component of ExxonMobil’s wider global portfolio, which is structured around large-scale, high-return oil and gas developments and a systematic approach to portfolio optimization. In 2017 and 2019 ExxonMobil sold its exploration and production interests on the Norwegian Continental Shelf to Point Resources and Vår Energi, respectively. Under an agreement announced in 2019, ExxonMobil signed a $4.5 billion transaction with Vår Energi AS for the sale of its non‑operated upstream assets in Norway, including ownership interests in more than 20 producing fields such as Grane, Snorre, Ormen Lange, Statfjord and Fram, together representing around 150,000 oil‑equivalent barrels per day of production in 2019. The majority of roughly 50 employees working on the acquired assets transferred to Vår Energi as part of the deal. These divestments formed part of ExxonMobil’s program to sell approximately $15 billion of non‑strategic assets by 2021 in order to concentrate capital and management attention on higher‑priority upstream projects, while its remaining Norwegian presence focuses on fuels terminals, wholesale fuel distribution and lubricants marketed through other Norwegian affiliates.