• 5 minutes Trump will capitulate on the trade war
  • 7 minutes China 2019 - Orwell was 35 years out
  • 12 minutes Glory to Hong Kong
  • 15 minutes ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 3 hours Peaceful demonstration in Hong Kong again thwarted by brutality of police
  • 2 hours Here's your favourite girl, Tom!
  • 13 hours Civil Unrest Is Erupting All Over The World, But Just Wait Until America Joins The Party...
  • 9 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 7 hours Nigeria Demands $62B from Oil Majors
  • 2 hours Canada Election Deadlock?
  • 15 hours Australian Hydroelectric Plant Cost Overruns
  • 11 hours China's Blueprint For Global Power
  • 2 hours IMO 2020:
  • 2 hours Clampdown on Chinese capital flight is shutting down their commercial construction in US
  • 14 hours Ford Planning Huge North American Charging Network
  • 7 hours Deepwater GOM Project Claims Industry First
  • 1 day Bloomberg: shale slowing. Third wave of shale coming.
Is ISIS Back?

Is ISIS Back?

As the Syria debate rages…

The Oil Rig Count Collapse Continues

The Oil Rig Count Collapse Continues

U.S. oil and gas rigs…

Why Is This Supermajor Dumping Its Aussie Assets?

Exxon

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.

By Irina Slav 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
Download on the App Store Get it on Google Play