LONDON: Exxon Mobil is considering an exit from the British North Sea after more than 50 years in the oil and gas basin as it focuses on US shale production and new projects.
The world’s largest publicly traded energy company, Exxon has held talks with a number of North Sea operators in recent weeks to gauge interest in some or all of its assets, which could fetch up to $2 billion, according to three industry sources with knowledge of the matter.
Exxon declined to comment.
Leaving the British North Sea would mark a major retreat from Europe for Irving, Texas headquartered Exxon, which has already put its Norwegian offshore assets on the block.
It would follow similar moves by US rivals Chevron and ConocoPhillips which earlier this year sold the bulk of their North Sea operations.
Exxon’s operations are managed through a 50-50 joint venture with Royal Dutch Shell, known as Esso Exploration and Production UK, and include interests in nearly 40 oil and gas fields.
Shell declined to comment.
Exxon produces around 80,000 barrels of oil and 441 million cubic feet of gas a day in the British North Sea, according to its website.
Potential buyers could include large private equity-backed North Sea producers such as Chrysaor or Neptune which have acquired portfolios from veteran producers in recent years.
Should the direct discussions with potential buyers not yield a result, Exxon will consider appointing an external bank to run a formal sale process, two of the sources added.
Esso has been producing gas since 1968 and oil since 1976 including from the Brent field, which is eponymous with the global crude benchmark.
Exxon’s operational focal point in recent years has turned to the United States, where it is rapidly ramping up oil production in the Permian Basin, as well as in Guyana, where it is developing huge, untapped fields.
Exxon eyes UK North Sea exit after 50-year presence
Exxon eyes UK North Sea exit after 50-year presence
- Exxon has held talks with a number of North Sea operators to gauge interest in some or all of its assets
- Leaving the British North Sea would mark a major retreat from Europe
Jordan’s industry fuels 39% of Q2 GDP growth
JEDDAH: Jordan’s industrial sector emerged as a major contributor to economic performance in 2025, accounting for 39 percent of gross domestic product growth in the second quarter and 92 percent of national exports.
Manufactured exports increased 8.9 percent year on year during the first nine months of 2025, reaching 6.4 billion Jordanian dinars ($9 billion), driven by stronger external demand. The expansion aligns with the country’s Economic Modernization Vision, which aims to position the country as a regional hub for high-value industrial exports, the Jordan News Agency, known as Petra, quoted the Jordan Chamber of Industry President Fathi Jaghbir as saying.
Export growth was broad-based, with eight of 10 industrial subsectors posting gains. Food manufacturing, construction materials, packaging, and engineering industries led performance, supported by expanded market access across Europe, Arab countries, and Africa.
In 2025, Jordanian industrial products reached more than 144 export destinations, including emerging Asian and African markets such as Ethiopia, Djibouti, Thailand, the Philippines, and Pakistan. Arab countries accounted for 42 percent of industrial exports, with Saudi Arabia remaining the largest market at 955 million dinars.
Exports to Syria rose sharply to nearly 174 million dinars, while shipments to Iraq and Lebanon totaled approximately 745 million dinars. Demand from advanced markets also strengthened, with exports to India reaching 859 million dinars and Italy about 141 million dinars.
Industrial output also showed steady improvement. The industrial production index rose 1.47 percent during the first nine months of 2025, led by construction industries at 2.7 percent, packaging at 2.3 percent, and food and livestock-related industries at 1.7 percent.
Employment gains accompanied the sector’s expansion, with more than 6,000 net new manufacturing jobs created during the period, lifting total industrial employment to approximately 270,000 workers. Nearly half of the new jobs were generated in food manufacturing, reflecting export-driven growth.
Jaghbir said industrial exports remain among the economy’s highest value-added activities, noting that every dinar invested generates an estimated 2.17 dinars through employment, logistics, finance, and supply-chain linkages. The sector also plays a critical role in narrowing the trade deficit and supporting macroeconomic stability.
Investment activity accelerated across several subsectors in 2025, including food processing, chemicals, pharmaceuticals, mining, textiles, and leather, as manufacturers expanded capacity and upgraded production lines to meet rising demand.
Jaghbir attributed part of the sector’s momentum to government measures aimed at strengthening competitiveness and improving the business environment. Key steps included freezing reductions in customs duties for selected industries, maintaining exemptions for production inputs, reinstating tariffs on goods with local alternatives, and imposing a 16 percent customs duty on postal parcels to support domestic producers.
Additional incentives in industrial cities and broader structural reforms were also cited as improving the investment climate, reducing operational burdens, and balancing consumer needs with protection of local industries.
