Exxon Mobil to sell 19% stake in Terra Nova offshore oil project

By zaymalz malz

Global multinational oil and gas corporation Exxon Mobil has announced that it is looking to sell the entirety of its 19% stake in the Canadian offshore oil Terra Nova project.

Located approximately 350km off the shore of Newfoundland and Labrador (NL), the Terra Nova project produces around 5,000 barrels of oil per day.

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The announcement comes just one month after the company revealed that it would be looking to invest up to $50bn in the US over the course of the next five years in the wake of the country's lowered corporate tax policy.

However, despite its plans to sell the asset and expand in the US, Exxon Mobil states that this has no implications for the company's other Canadian assets and that the firm remains firmly committed to its regional operations.

The deadline for initial bids are due 30 March.

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