• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 2 days China deletes leaked stats showing plunging birth rate for 2023
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Bad news for e-cars keeps coming
Brazil Looks To Challenge China’s Dominance in Rare Earth Minerals

Brazil Looks To Challenge China’s Dominance in Rare Earth Minerals

Established mining industry regulations and…

India Looks to Boost Coal Output and Cut Imports

India Looks to Boost Coal Output and Cut Imports

The world’s second-largest coal consumer,…

Why Is This Supermajor Dumping Its Aussie Assets?

Exxon has put up for sale its assets in Australia’s Gippsland Basin as part of a $15-billion divestment program, Reuters reports, quoting a company statement.

The Gippsland Basin project is a 50-50 joint venture between the U.S. supermajor and BHP and has been a major local source of oil and gas. Now, however, production is in decline and Exxon has rearranged its regional priorities.

“Exxon Mobil will be testing market interest for a number of assets worldwide, including its operated producing assets in Australia,” Exxon told Reuters.

“As a pivotal producer on the east coast...we would expect interest to be strong from domestic players that wish to gain greater exposure to rising gas prices,” Reuters quoted Wood Mackenzie research director Angus Rodger as saying.

Bloomberg notes this is the second time Exxon has tried to offload Australian assets and the Gippsland project in particular. The first attempt was dropped after 20 months with no buyer found.

Meanwhile, Exxon announced yet another discovery at the Stabroek block offshore Guyana. This is the 14th discovery in the block and adds to previously discovered potentially recoverable oil and gas reserves exceeding 6 billion barrels of oil equivalent.  The company will begin drilling a fourth well in Stabroek next month.

Guyana is one focus of attention for the supermajor and the U.S. shale patch is another. All non-core assets seem to be up for sale, with the latest deal involving Exxon’s operations in Norway. The company earlier this month struck a deal with Norwegian Var Energi for $4 billion.

A month earlier, in August, Exxon announced that it was exiting the UK’s North Sea in a move that could raise $2 billion from the sale of interests in some or all of its 40 oil and gas fields that together account for 5% of UK’s overall production.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News