acquisitions and divestitures

The US major has had a stake in the field since it started production in 1997. It produced 584,000 B/D of oil last year.

Heavy deal-making since 2015 by the two majors has resulted in very different upstream portfolios.

A month after it got out of Norway, Bloomberg reports that the company is working with advisers on a potential Malaysian sale, which could raise as much as $3 billion. ExxonMobil plans to divest around $15 billion in nonstrategic assets by 2021.

As Oxy looks to divest billions in assets and focus more on its prime US shale fields, it sheds itself of the ISND and ISSD fields off the eastern coast of Doha. In announcing the lease loss last year, Oxy said the fields need significant infrastructural investment.

The current M&A market is characterized by an increase in private capital, geographical diversity, and a variety of transaction types, including joint ventures and royalty deals.

The combined company will produce more than 100,000 BOE/D from the Permian Basin and Eagle Ford Shale and is switching its focus to “mega-pad” developments.

The deal consists of stakes in nine shallow-water producing fields covering 108,000 gross acres in 10–50 m of water.

The combination will create one of the Haynesville Shale’s top gas producers, tripling Comstock’s Haynesville-Bossier acreage.

The El Dorado, Arkansas-based Murphy has quickly found a home for some of the cash it will receive from the sale of its Malaysia business. The company has been rapidly expanding its US gulf footprint while simplifying its portfolio and targeting more oil.

There is a new, big independent in the UK North Sea, Delek Group. Its UK North Sea arm, Ithaca, bought most of Chevron’s holdings in the sector in a $2 billion deal.