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Global oil majors seeking combined $27B in asset sales - report

  • The global oil and gas supermajors are aiming to sell assets that could bring in a combined $27B, as they seek to finance higher-yielding investments, according to a report from energy research firm Rystad Energy.
  • Exxon Mobil (NYSE:XOM) has the most assets up for grabs out of the group, with plans to divest $15B worth of assets by 2021 as it focuses on developing oilfields in Guyana and the Permian Basin, as well as gas projects in Mozambique and the Gulf of Mexico, Rystad says.
  • Chevron (NYSE:CVX) needs to raise capital for projects such as Tengiz in Kazakhstan, Contract 3 in Thailand and its U.S. shale positions in the Permian Basin, and it is considering a sale of Nigerian assets which could be valued at up to $2B.
  • Rystad says BP wants to offload some of its non-core U.S. shale assets to help fund last year's $10.5B purchase of BHP's North America subsidiary, and Total (NYSE:TOT) wants to sell a third of its 16.8% stake in the Kashagan field offshore Kazakhstan, which could attract offers of as much as $4B.
  • Royal Dutch Shell (RDS.A, RDS.B) plans to divest $10B in assets by 2021 and reportedly wants to exit the Abadi LNG project in Indonesia, and ConocoPhillips (NYSE:COP) expects to receive less than $1B for its Austin Chalk asset in Louisiana.

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