BHP Billiton Ltd. (NYSE: BHP) and ExxonMobil Corp.'s (NYSE: XOM) Esso Australia said on Feb. 23 they have dropped a sale process started 20 months ago for some of Australia's oldest and largest oilfields.
"BHP and Esso have reached a decision to not progress with the sale of some offshore assets owned by the Gippsland Basin joint venture," a BHP spokeswoman said in an email.
The resource giants had said they were looking to sell 13 fields, licenses and associated infrastructure held in the basin.
The venture in Australia's Victoria state began operations in 1969, according to BHP's website. BHP and Esso Australia each hold a 50% share.
"After consideration of a range of options, we have currently decided to retain ownership and operation of these assets," Esso said in an emailed statement.
Production from the Gippsland Basin venture is forecast to drop to 244 petajoules (PJ) in 2018 from a record 330 PJ last year, as one of its big fields has run out of gas earlier than expected.
Recommended Reading
Marketed: Barrel Oil Corp. Property Divestiture in Coyote, Alberta
2024-01-09 - Barrel Oil Corp. retained Sayer Energy Advisors for the sale of its oil and natural gas interest located in the Coyote area of Alberta.
Evolution Petroleum Acquires SCOOP/STACK Interests
2024-01-09 - Evolution Petroleum entered agreements with three companies to purchase non-op interests in Oklahoma’s SCOOP and STACK plays for $43.5 million, equaling its largest transaction so far.
Analysts: APA Takes Callon Off Board as Permian M&A Wave Hits ‘24
2024-01-04 - APA and its subsidiary Apache Corp. are plucking Callon Petroleum off the board for $4.5 billion in stock as a historic wave of Permian consolidation enters a new year.
APA Corp. to Acquire Callon Petroleum for $4.5B
2024-01-04 - APA Corp.’s deal adds Callon Petroleum’s 120,000 Delaware Basin acres and continues a rash of Permian Basin M&A seen in 2023.
Trio Petroleum Secures Option to Acquire 20% Interest in Asphalt Ridge
2024-01-08 - Trio Petroleum Corp. secured an option from Heavy Sweet Oil to acquire a 20% production share in the Asphalt Ridge heavy oil development project.