Exxon is in the process of exiting the North Sea. China and OPEC are looking to move in.
How much oil are we talking?
Exxon is offering its stake in 15 fields, which are expected to produce 37,000 barrels of oil equivalent a day net to the company this year. Stakes in pipeline infrastructure as well as two exploration areas are also up for grabs.
Following the Bakken puts this in perspective. For XOM, 37,000 boepd does not move the needle, not even for the Bakken which is producing one million bopd.
By the way, whenever I see "boe" I know someone is trying to pad the numbers, making it sound better than it really is. "BOE" includes natural gas which is practically being given away. In many cases, it's a real hassle for the oil company interested in only producing oil.
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