Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the G...
MELBOURNE - Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia’s Bass Strait as part of a broader review of its global portfolio of assets.
The Gippsland Basin joint venture, off the state of Victoria, has long been the mainstay oil and gas supplier for southeastern Australia, but output is in decline. “Exxon Mobil will be testing market interest for a number of assets worldwide, including its operated producing assets in Australia,” the company said in an emailed statement.
Exxon said earlier this year it was looking to raise $15 billion from asset sales worldwide through 2021. BHP reported its share of output in the year to June 30 at 112 billion cubic feet of gas, 5.2 million barrels oil equivalent of crude oil and condensate and 5.4 mmboe of natural gas liquids. Exxon’s move to sell its Gippsland Basin assets follows a disappointing drilling campaign in the Bass Strait last year in what had been seen as a promising gas prospect, and comes amid plans to drill more wells.
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