Aera Energy LLC, a joint venture between the two oil giants, is responsible for nearly a quarter of California’s production, according to its website.
Shell Offshore said it will sell its entire interest in Shell Onshore Ventures, which owns 51.8 percent of Aera Energy, to IKAV for $2 billion in cash plus additional payments contingent on future oil prices.
Exxon Mobil announced it is selling its entire interest in Aera to Green Gate Resources E LLC, a unit of IKAV. Exxon Mobil did not disclose the terms of the transaction.
Mobil California Exploration & Producing Co, a subsidiary of Exxon Mobil, owns a 48.2 percent stake in Aera Energy and a 50 percent stake in Aera Energy Services Co. Shell said it will continue its current oil marketing agreements for at least five years after the sale closes secured and maintained.
Shell boss Ben van Beurden apparently wants to resign in 2023
According to an agency report, Shell boss Ben van Beurden is preparing to step down next year after almost 10 years in office. As Reuters further reports, citing unnamed sources, the group has shortlisted four internal candidates to succeed van Beurden. Possible successors to the executive chair are Wael Sawan (Head of integrated gas and renewables division), Huibert Vigeveno (Downstream Director), CFO Sinead Gorman and Zoe Yujnovich (Upstream Director).
On the London Stock Exchange, Shell shares temporarily gained 1.65 percent to 23.11 pounds on Friday. Exxon Mobil shares temporarily rose 1.53 percent to $95.31 in premarket NYSE trading.
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