• 4 minutes What will the future hold for nations dependent on high oil prices.
  • 7 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 12 minutes OPEC Cuts Deep to Save Cartel
  • 15 minutes Venezuela continues to sink in misery
  • 14 hours End of EV Subsidies?
  • 34 mins Could Tesla Buy GM?
  • 13 hours Maersk's COO statment.
  • 4 hours Permian Suicide
  • 10 hours GOODBYE FOREIGN OIL DEPENDENCE!!
  • 16 hours Oil prices may go up, but will be below $70 a barrel in FY19: Hindustan Petroleum Chairman
  • 9 hours Asian stocks down
  • 3 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 17 hours Regular Gas dropped to $2.21 per gallon today
  • 15 hours Japan Effectively Bans China’s Huawei, ZTE From Government Contracts, Joining U.S
  • 8 hours IT IS FINISHED. OPEC Victorious
  • 10 hours Price Decline in Chinese Solar Panels
Is This The Answer To Global Warming?

Is This The Answer To Global Warming?

As the world attempts to…

Libyan Oil Production Falls 300,000 Bpd In December

Libyan Oil Production Falls 300,000 Bpd In December

Libya’s crude oil production has…

Exxon, BHP Drop Sale Of Mature Australian Oil, Gas Assets

BHP

ExxonMobil and BHP Billiton have decided to abandon the 20-month-long sales process of their joint ageing oil assets offshore Australia and will keep ownership and operation of the fields and associated infrastructure, the companies said on Friday, in what analysts see as a result of the higher oil prices compared to when the sales process was launched in mid-2016.

The two companies have jointly decided not to proceed with the sale of the assets of their decades-old Gippsland Basin Joint Venture, a spokesperson for BHP Billiton said in an email, as carried by Bloomberg.

“After consideration of a range of options, we have currently decided to retain ownership and operation of these assets,” Exxon’s Australian unit, Esso Australia, said.

The Gippsland Basin Joint Venture (GBJV), in which Esso Australia Pty Ltd and BHP Billiton Petroleum (Bass Strait) Pty Ltd each hold 50 percent, started in 1964, with Esso Australia as the operator for oil and gas exploration off Victoria’s Gippsland coast. The joint venture drilled its first well in February 1965. Between 1967 and 2015, the joint venture produced 54 percent of Australia’s crude oil and hydrocarbon liquids, according to a report on Exxon’s website by consultancy ACIL Allen.

Currently, there are 23 offshore platforms and installations in Bass Strait, according to Exxon.

“The announcement is quite significant because Esso and BHP were planning to sell out of some of their older oil producing assets in Bass Strait,” Graeme Bethune, chief executive at Australian energy advisory firm EnergyQuest, told Australia’s ABC.

“But the fact they’re not wanting to do that now probably reflects in particular the strength of the oil price,” Bethune said, noting that the companies were also working to reinvest in their gas assets in Bass Strait, “so it really does show a turnaround from where we were a couple of years ago.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
-->