Oil producer Exxon Mobil wants to get rid of its joint venture with Shell, Aera.
(Photo: Reuters)
new York According to insiders, the US oil producer Exxon Mobile and the energy company Shell want to sell their joint venture Aera. The two companies, with the support of financial adviser JPMorgan, are in advanced talks with several potential buyers and syndicates for the California oil and gas producer, three people familiar with the matter told Reuters on Wednesday. Exxon, Shell and JPMorgan initially declined to comment.
Aera is one of California’s largest oil producers, producing 125,000 barrels of oil and around a million cubic feet of natural gas daily, according to its website. The company makes about $1 billion annually, so the value of the business could be in the billions of dollars. Reuters reported last year that Shell was looking to exit the company.
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