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MarketWatch: Exxon Mobil reportedly mulls sale of some U.K., U.S., Canada assets

By Benoit Faucon
Last Update: 6:42 AM ET May 25, 2007

LONDON (MarketWatch) — ExxonMobil Corp. has earmarked for a possible sale several mostly gas interests in the U.K., Texas and Canada, according to documents published on a Schlumberger Ltd. website.

ExxonMobil, the world’s largest oil and gas company, is “soliciting bids for the sale” of its operated gas fields in the Baffin Bay Field area of Texas, one document says. Bids are due June 18 and the “effective time of the sale is September 1,” it adds.

As of January, net production from seven wells in the fields was 2.8 million cubic feet of gas per day, the documents say.

The documents were posted on one of the Web sites of Houston-based oil services company Schlumberger.

In Canada, the assets ExxonMobil plans to offer for sale “in the near future” includes a 25% interest in the Nexen Inc. NXY-operated Balzac sour gas field near Calgary, according to the documents.

Its Canadian unit Imperial Oil Ltd. IMO will also seek buyers for its 10% stake in the Brazeau Niksu gas field and its Bonnie Glen, Golden Spike and Parsons Lake midstream assets.

An ExxonMobil spokesman couldn’t immediately comment on the sales being considered outside the U.K.

ExxonMobil, along with partner Royal Dutch Shell PLC RDSB.LN, also seek to offer a 25% stake in their U.K. mid-North Sea High blocks in exchange for funding part of the cost of drilling. The document says offers are due June 29 after a currently open data room closes.

The two companies are also looking to sell their joint 100% interest in the Clipper South tight gas field, adjacent to the main, prolific Clipper field. A data room was due to open Wednesday and will close June 29, one document says. Shell declined to comment.
In addition, the documents posted of the Web site say Shell is proposing to sell its minority stakes in several North Sea discoveries: Jackdaw, operated by BG PLC BRG; Bacchus, controlled by Apache Corp. APA; and Bligh, which it operates. The Anglo-Dutch major is set to open its data room on May 29 and wants to sell assets in one package for cash.

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