Exxon is looking for buyers of Bakken Shale assets in North Dakota

Exxon Mobil Corp, a major U.S. oil company, plans to sell some of its assets within North Dakota's Bakken Shale Formation. The company announced this on Tuesday.

Oil producers are re-evaluating their portfolios after a wave megamergers occurred in the U.S. Shale Patches. They want to determine which assets will remain central to their strategy, and which ones they should divest.

In response to questions, a spokesperson for the company said: "ExxonMobil explores market interest for selected assets in North Dakota's Bakken Shale Play. This includes approximately 137 wells that are operated and 676 wells that are non-operated or royalty wells spread across 49,000 acres".

Two sources familiar with the plan said that it could be worth up to $500 million. The sources said that Exxon was focusing on assets with high growth potential following the $60 billion acquisition of Pioneer Natural Resources by Exxon in May.

Sources requested anonymity because they were not authorized to speak in public.

Exxon stated that the decision is in line with its strategy of constantly evaluating its portfolio. The company declined comment on the valuation citing that it was a corporate policy not to disclose such information.

Sources said that a large part of the land for sale was undeveloped. This could be attractive to buyers as it would bolster their land bank at a time where increased scale is crucial, and also because they might be able boost production through future drilling.

According to Rextag, a provider of energy data, Exxon's production in the Bakken region is over 100,000 boepd.

Exxon has said that it will continue investing in North Dakota shale oil production as part of its strategy.

Exxon announced in June that it would be holding an auction this year to sell its conventional drilling assets located in the Permian Basin.

(source: Reuters)