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Exxon Mobil Corp. agreed to sell some assets in the North Sea for more than $1 billion as the company focuses on newer and larger sources of oil and gas such as Guyana, Brazil and the U.S. Permian Basin.
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The company will sell most of its non-operated upstream assets in the UK central and northern North Sea to NEO Energy, according to a statement Wednesday. NEO is an oil producer backed by Norwegian private equity firm HitecVision AS.