(Reuters) – Spanish oil giant Repsol SA is in advanced talks to acquire some deepwater assets in the U.S. Gulf of Mexico from Exxon Mobil Corp for about $1 billion, three people familiar with the matter said on Monday.
The deal would be a boon to Exxon’s plans to accelerate asset sales, as it seeks to raise cash to return to shareholders and fund major projects. Suppressed oil prices have weighed on the appetite of oil majors to buy such assets.
Certainty - Deal - Sources - Transaction - Approval
There is no certainty a deal will be agreed, the sources said. The transaction would require approval from partners in the assets, who may have preferential rights to buy them, said two of the sources.
The sources asked not to be identified because the matter is confidential. Representatives for Exxon and Repsol declined to comment.
Exxon - Process - Gulf - Mexico - Assets
Exxon began the process to jettison Gulf of Mexico assets last year with advice from JPMorgan Chase & Co, Reuters reported last October.
According to a document seen by Reuters dated Fall/Winter 2018, Exxon was marketing nine assets. These included its 50% stake in the large Julia...
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