MELBOURNE (Bloomberg) — Exxon, BHP examining sale of joint Australia assets
Exxon Mobil Corp. and BHP Billiton Ltd. are studying plans to sell depleting energy assets in Australia, including the largest oil field ever discovered in the nation.
The producers are considering marketing about 13 fields, licenses and associated infrastructure held in the Gippsland Basin Joint Venture, Exxon’s Esso Australia unit said Wednesday in a statement. Oil and gas production began from the venture in Australia’s Victoria-state in 1969, according to BHP.
“We are seeking to identify third parties with proven experience and strength to operate and capture the remaining potential in these licenses,” Esso Australia, which operates the venture, said in its statement. BHP and Esso Australia each hold a 50% share of the joint venture.
Melbourne-based BHP’s Bass Strait unit, which includes the mining giant’s stake in the Gippsland basin operation and a second joint venture, may be worth about $1 billion, Citigroup Inc. wrote in a May 27 note to clients. The unit’s liquids production is in decline, analysts including Sydney-based Clarke Wilkins wrote in the note.