UPDATE 4-Exxon to sell Polish shale gas assets

Thu Feb 10, 2011 9:30pm GMT
 

* Exxon looks to sell 49 pct of its interest-advisory firm

* Exxon will remain operator-advisory firm

* Shares of Exxon end up nearly 1 percent (Adds Exxon confirmation of deal, closing share price)

By Anna Driver

HOUSTON, Feb 10 (Reuters) - Exxon Mobil Corp (XOM.N: Quote) said on Thursday it was looking to sell 49 percent of its interest in four shale gas concessions in the Podlasie Basin in southeastern Poland.

After the planned sale, announced earlier in the day by divestiture advisory firm IndigoPool, Exxon will remain as the operator of the fields, which cover about 1 million acres.

Exxon and other big oil companies, including Chevron Corp (CVX.N: Quote), have been building up positions in "unconventional" oil and gas assets, or those requiring technology like hydraulic fracturing to drill, in Europe as that region tries to decrease reliance on Russian gas.

"This does not indicate any shift in Exxon Mobil's interest in Polish shale gas opportunities," a spokesman for Exxon said in an email. "We are continuing to evaluate the hydrocarbon resource potential in Poland."

Last year, Exxon closed on its purchase of U.S. unconventional oil and gas company XTO Corp. At the time the deal was announced, Exxon said it would form a global unconventional oil and gas arm, leveraging XTO's expertise around the world.   Continued...

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