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OGA takes aim at Elgin-Franklin laggards

The UK upstream regulator is unhappy at partners in the field dragging their feet on the sale of ExxonMobil’s stake

The UK’s Oil and Gas Authority (OGA) has opened an investigation into the proposed sale by ExxonMobil of its stakes in certain UK North Sea fields to Norwegian private equity-backed Neo Energy. It is specifically focused on the speed at which partners in the Elgin-Franklin complex are agreeing to the major transferring its ownership there, amid concerns it is not progressing as quickly as expected. The consent of joint venture partners is required to effect transfer of the stake. But, as negotiations that began in February 2021 have not yet reached a conclusion, the OGA has opened an investigation under its Sanction Procedure. It has previously voiced concerns on “transaction drag and the c



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