Exxon names Bank of America Merrill Lynch to run its oil and gas asset sale in Malaysia

Exxon names Bank of America Merrill Lynch to run its oil and gas asset

Exxon Mobil has appointed Bank of America Merrill Lynch to run the sale of its Malaysian oil and gas assets as the U.S. firm accelerates a vast disposal programme, banking and industry sources said.

The Malaysian assets, which include stakes in two large fields, are expected to fetch over $2 billion, the sources said.

Exxon operates in Malaysia 35 oil and gas platforms in 12 offshore fields and has working interests in another 10 platforms in five fields in the South China Sea, according to its website.

The operations produce 15% of Malaysia’s oil output of 600,000 barrels per day and half of its natural gas output of over 2 billion cubic feet per day.

In recent months, Exxon has stepped up asset sales around the world, seeking to raise $ 15 billion in sales by 2021.

In addition, it was previously reported that The process of selling Exxon Mobile's assets in Azerbaijan's ACG field is being run by Bank of America Merrill Lynch (BAML).

It should be noted that at the end of September the company announced the sale of its shares in more than 20 fields to the Norwegian company Var Energi.

Earlier in September, the American corporation agreed to sell its assets in Norway for $ 4 billion, ExxonMobil also discusses the possibility of selling assets in the North Sea on the UK shelf.

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