Connection

popular articles

KHNP and Samsung C&T Form Strategic Alliance for International Nuclear Projects
Engie and Macquarie join forces to extend Mexico’s Mayakan gas pipeline
Nuclear Fusion: First Plasma Generation in the SMART Tokamak
DRC: Ruzizi power plant cuts output due to plastic waste
Bangladesh relaunches LNG imports on the spot market

North Atlantic in talks to acquire Esso’s Gravenchon refinery

North Atlantic has entered exclusive negotiations to acquire the Gravenchon refinery, France’s second-largest, from ExxonMobil in a deal reshaping the industrial landscape of the Seine Valley.
  • [favorite_button]

Please share:

Canadian group North Atlantic announced it has entered exclusive negotiations with ExxonMobil to acquire a majority stake in the American giant’s French industrial operations. The agreement targets the acquisition of 82.89% of Esso Société Anonyme Française (SAF) and 100% of ExxonMobil Chemical France SAS (EMCF). The deal notably includes the refinery in Notre-Dame-de-Gravenchon (Seine-Maritime), owned by Esso SAF.

Located on more than 600 hectares in the Seine estuary, the Gravenchon refinery has a processing capacity of 230,000 barrels of crude oil per day. It is France’s second-largest refinery, after the one operated by TotalEnergies in Gonfreville l’Orcher. The facility remains a strategic site for both national and regional energy supply.

Industrial objectives and transition timeline

According to the North Atlantic press release, the company aims to “consolidate the Gravenchon site at the heart of the French energy and industrial sector for decades to come”. The group also stated its intention to “ensure a complete and well-managed transition”, maintaining current jobs, salaries, and benefits.

The transaction is being managed through North Atlantic France SAS, a newly created entity for overseeing the company’s French assets. The deal comes as part of ExxonMobil’s broader portfolio restructuring in Europe, following the sale of its Fos-sur-Mer refinery in 2024 to a Swiss consortium.

Institutional reactions and outlook

Marc Ferracci, Minister for Industry and Energy, is expected to meet with North Atlantic representatives in the coming days to discuss the project. According to the ministry, discussions will focus on “employment and long-term investment benefiting the site and surrounding territory”. The development of activities linked to energy transition will also be addressed.

ExxonMobil confirmed its intention to maintain a commercial presence in France. Tanya Bryja, Senior Vice President of ExxonMobil Product Solutions, said that the Esso brand would continue to operate at nearly 750 service stations nationwide. She added that “France remains an important market”, highlighting ongoing sales of lubricants, chemicals, and specialty oil products.

At 10:15, Esso shares were down 8.47% at €139.40 on the Paris stock exchange, while the broader market posted a modest 0.22% gain.

Register free of charge for uninterrupted access.

Publicite

Latest news

Siemens and RIC Energy join forces to develop synthetic fuels in Spain
Verdagy and Mainspring to install hydrogen-powered generator in Moss Landing
Solveo Energies deploys dynamic agrivoltaic system on apricot orchard
European Energy launches e-methanol production and posts strong results
Grenergy to invest €3.5bn to strengthen its storage assets by 2027

Recently published in

Petrobras signs two agreements in Angola to relaunch its offshore activities

Brazilian group Petrobras formalises its return to Angola with two memorandums of understanding signed with Sonangol and the national oil regulator, targeting offshore exploration without immediate financial commitment.
Agip secures rights over OPL 245 after key court ruling in Nigeria
The Abuja Court of Appeal rejected Malabu Oil & Gas’s lawsuit against Agip, Eni’s subsidiary, by upholding the statute of limitations on the OPL 245 oil block case.
en_1140290945540-16
Agip secures rights over OPL 245 after key court ruling in Nigeria
The Abuja Court of Appeal rejected Malabu Oil & Gas’s lawsuit against Agip, Eni’s subsidiary, by upholding the statute of limitations on the OPL 245 oil block case.
en_1140290945540-16
Galp targets 40% increase in oil production in Brazil
Portugal’s Galp expects a production surge in Brazil driven by the offshore Bacalhau field, in partnership with Sinopec, Equinor and ExxonMobil.
en_1140290954540-15
Galp targets 40% increase in oil production in Brazil
Portugal’s Galp expects a production surge in Brazil driven by the offshore Bacalhau field, in partnership with Sinopec, Equinor and ExxonMobil.
en_1140290954540-15
Shell strengthens position in Nigeria by acquiring TotalEnergies’ stake in Bonga
TotalEnergies sells its 12.5% stake in the offshore Bonga oil field to Shell for $510mn, raising the British group's share to 67.5% in the OML 118 block off the Nigerian coast.
en_1140290962540-11
Shell strengthens position in Nigeria by acquiring TotalEnergies’ stake in Bonga
TotalEnergies sells its 12.5% stake in the offshore Bonga oil field to Shell for $510mn, raising the British group's share to 67.5% in the OML 118 block off the Nigerian coast.
en_1140290962540-11

Chevron receives narrow U.S. authorization to retain its Venezuelan assets

The Trump administration authorizes Chevron to maintain limited stakes in Venezuela while prohibiting oil production and export, marking a decisive shift for the oil sector amid geopolitical tensions with Maduro’s government.
Indonesia Energy aims to strengthen its upstream oil presence in Indonesia
Indonesia Energy announces a ramp-up in its oil assets with a 60% increase in proven reserves and confirms a strategic shift toward gradual energy diversification.
en_1140290957540-15
Indonesia Energy aims to strengthen its upstream oil presence in Indonesia
Indonesia Energy announces a ramp-up in its oil assets with a 60% increase in proven reserves and confirms a strategic shift toward gradual energy diversification.
en_1140290957540-15
SK Innovation Intensifies Oil Investments with New Projects in Asia
SK Innovation, through its subsidiary SK Earthon, is accelerating investments in offshore oil exploration projects in Southeast Asia, enhancing South Korea's energy security through a regional strategy focused on operational efficiency.
en_1140290949540-14
SK Innovation Intensifies Oil Investments with New Projects in Asia
SK Innovation, through its subsidiary SK Earthon, is accelerating investments in offshore oil exploration projects in Southeast Asia, enhancing South Korea's energy security through a regional strategy focused on operational efficiency.
en_1140290949540-14
The Libra consortium launches production at Mero-4 with a China-integrated FPSO
Production at the Mero-4 field began on May 24 using a 180,000 barrels/day FPSO, the result of international cooperation among six partners operating offshore Brazil.
en_1140290954540-13
The Libra consortium launches production at Mero-4 with a China-integrated FPSO
Production at the Mero-4 field began on May 24 using a 180,000 barrels/day FPSO, the result of international cooperation among six partners operating offshore Brazil.
en_1140290954540-13

Russia Challenges Adjustment to Price Cap on Its Oil Exports

As Western nations debate an adjustment to the price ceiling on Russian oil, Moscow firmly rejects these measures as market-distorting, citing a lack of significant impact on its current exports.
Namibia appoints former Chevron executive to lead its oil strategy
Carlo McLeod joins the new presidential unit dedicated to hydrocarbons as Namibia centralises oil sector governance under the head of state.
en_1140290955540-14
Namibia appoints former Chevron executive to lead its oil strategy
Carlo McLeod joins the new presidential unit dedicated to hydrocarbons as Namibia centralises oil sector governance under the head of state.
en_1140290955540-14
Valeura to drill ten new wells after successful campaign offshore Thailand
Valeura Energy has completed eight wells on Block B5/27 in the Gulf of Thailand, securing stable output and preparing a new investment phase at the Nong Yao field.
en_1140290959540-14
Valeura to drill ten new wells after successful campaign offshore Thailand
Valeura Energy has completed eight wells on Block B5/27 in the Gulf of Thailand, securing stable output and preparing a new investment phase at the Nong Yao field.
en_1140290959540-14
Shell awards Mecpec Trading as Best Reseller in East Asia
Shell recognised Mecpec Trading for its 2023 fuel sales growth and contribution to Singapore's distribution network, with a 23% increase in total volume delivered.
en_1140290963540-6
Shell awards Mecpec Trading as Best Reseller in East Asia
Shell recognised Mecpec Trading for its 2023 fuel sales growth and contribution to Singapore's distribution network, with a 23% increase in total volume delivered.
en_1140290963540-6

Fire halts operations at Ecuador’s largest oil refinery

Petroecuador suspended activities at its Esmeraldas refinery following a fire, with no injuries reported, while an investigation is under way to assess the damage.
Pemex Launches Major Restructuring Aimed at Saving 10.5 Billion Pesos
Petróleos Mexicanos (Pemex) plans to eliminate over 3,000 non-union positions as part of a comprehensive restructuring initiative aimed at significantly reducing operational costs.
en_1140290947540-13
Pemex Launches Major Restructuring Aimed at Saving 10.5 Billion Pesos
Petróleos Mexicanos (Pemex) plans to eliminate over 3,000 non-union positions as part of a comprehensive restructuring initiative aimed at significantly reducing operational costs.
en_1140290947540-13
TotalEnergies launches Mero-4 production with 180,000 barrels per day in Brazil
TotalEnergies has started production at Mero-4, raising the total capacity of the Mero field to 770,000 barrels per day via five offshore units off the coast of Brazil.
en_1140290948540-13
TotalEnergies launches Mero-4 production with 180,000 barrels per day in Brazil
TotalEnergies has started production at Mero-4, raising the total capacity of the Mero field to 770,000 barrels per day via five offshore units off the coast of Brazil.
en_1140290948540-13
Oil majors threaten dividend cuts as crude holds at $60
Falling oil prices strain shareholder returns as supermajors weigh high dividends against cash flow stability.
en_1140290949540-13
Oil majors threaten dividend cuts as crude holds at $60
Falling oil prices strain shareholder returns as supermajors weigh high dividends against cash flow stability.
en_1140290949540-13

Trump casts uncertainty over oil licenses in Venezuela

Economically fragile Venezuela awaits a critical U.S. decision on renewing oil licenses granted to multinationals, a crucial issue that could significantly affect its recent economic recovery and financial stability.
Niger orders CNPCNP executives to leave over breach of local content rules
Nigerien authorities instruct the local arm of China National Petroleum Corporation to repatriate expatriates who have held positions for over four years, citing violations of local content requirements and economic sovereignty.
en_1140290958540-12
Niger orders CNPCNP executives to leave over breach of local content rules
Nigerien authorities instruct the local arm of China National Petroleum Corporation to repatriate expatriates who have held positions for over four years, citing violations of local content requirements and economic sovereignty.
en_1140290958540-12
Union Investment removes TotalEnergies from sustainable funds amid Uganda dispute
German asset manager Union Investment has excluded TotalEnergies from its sustainable funds over allegations of human rights violations linked to the EACOP oil project in Uganda, further complicating its international financing.
en_1140290953540-12
Union Investment removes TotalEnergies from sustainable funds amid Uganda dispute
German asset manager Union Investment has excluded TotalEnergies from its sustainable funds over allegations of human rights violations linked to the EACOP oil project in Uganda, further complicating its international financing.
en_1140290953540-12
Libya shuts down oil pipeline after leak near Zawiya
The National Oil Corporation suspended crude transport from the Hamada fields following a leak detected south of Zawiya, 45 kilometres from Tripoli.
en_1140290947540-12
Libya shuts down oil pipeline after leak near Zawiya
The National Oil Corporation suspended crude transport from the Hamada fields following a leak detected south of Zawiya, 45 kilometres from Tripoli.
en_1140290947540-12

US oil stocks rise despite strong refinery activity

US commercial crude oil inventories rose by 1.3 million barrels last week, defying market expectations, according to data published by the US Energy Information Administration.
Essequibo Oil Under Tension: Guyana Monitors Venezuelan Elections ##
As Venezuelan elections approach concerning the oil-rich disputed Essequibo territory, Guyana emphasizes increased vigilance, citing risks to its energy and territorial sovereignty amid Caracas' claims. ##
en_1140290982540-4
Essequibo Oil Under Tension: Guyana Monitors Venezuelan Elections ##
As Venezuelan elections approach concerning the oil-rich disputed Essequibo territory, Guyana emphasizes increased vigilance, citing risks to its energy and territorial sovereignty amid Caracas' claims. ##
en_1140290982540-4
GATE Energy and HD Hyundai join forces to expand global offshore offering
GATE Energy and HD Hyundai Heavy Industries have signed a memorandum of understanding to jointly pursue international offshore contracts, combining engineering, construction and commissioning capabilities.
en_1140290947540-11
GATE Energy and HD Hyundai join forces to expand global offshore offering
GATE Energy and HD Hyundai Heavy Industries have signed a memorandum of understanding to jointly pursue international offshore contracts, combining engineering, construction and commissioning capabilities.
en_1140290947540-11
BW Offshore transfers operation of FPSO BW Adolo to its Gabonese subsidiary
BW Offshore has handed over the operations of the FPSO BW Adolo to BW Energy Gabon while retaining ownership and the vessel lease under previously agreed terms.
en_1140290954540-10
BW Offshore transfers operation of FPSO BW Adolo to its Gabonese subsidiary
BW Offshore has handed over the operations of the FPSO BW Adolo to BW Energy Gabon while retaining ownership and the vessel lease under previously agreed terms.
en_1140290954540-10

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS