The American oil and gas company Exxon Mobil Corporation (NYSE:XOM) and the Anglo-Dutch oil and gas corporation Shell plc (LSE:SHEL) planned to sell the Californian joint venture Aera. This was reported by Reuters, citing sources. According to the agency, the companies are conducting preliminary negotiations with the buyer of the Californian oil and gas producer.

Note that Aera is one of the largest oil producers in California, producing 125 thousand barrels of oil per day and 32 million cubic feet of natural gas per day. The business brings in about $1 billion a year in cash, putting the deal at several billion dollars. Due to the sharp rise in energy prices this year, the demand for oil assets is growing.

Public companies began to abandon old operations in order to reduce greenhouse gas emissions. Exxon and Shell have said they want to focus on larger oil fields and LNG projects.