Australia: ExxonMobil Calls Off Sale of Gippsland Basin Fields

November 30, 2020

Credit: ExxonMobil
Credit: ExxonMobil

ExxonMobil has called off the potential multibillion-dollar sale of its oil and gas assets in Australia’s Bass Strait, according to the Australian Financial Review.

The decision by the U.S. oil major comes just six weeks after the deadline for indicative bids for the portfolio set by adviser JPMorgan.

“After completing an extensive market evaluation, ExxonMobil has decided to retain its operated Gippsland Basin producing assets in Australia,” a spokesman for ExxonMobil’s local affiliate Esso Australia was quoted by the AFR as saying.

He signaled that the sale process had not yielded attractive enough offers, the AFR reported.

An ExxonMobil spokesman was not immediately available for comment on Saturday.

Reporting by Swati Pandey; Editing by Tom Brown


Related:

BHP to Sell Stake in Exxon-led Bass Strait Joint Venture



Current News

Spirit Energy in 5-year Agreements with Subsea 7, TechnipFMC, and DNV GL

Spirit Energy in 5-year Agreements with Subsea 7, TechnipFMC, and DNV GL

Solstad Offshore Vessel Trio Gets Renewables, Subsea Deals

Solstad Offshore Vessel Trio Gets Renewables, Subsea Deals

Schlumberger CEO: Stage is Set for Oil Demand Recovery

Schlumberger CEO: Stage is Set for Oil Demand Recovery

Russian Pipelaying Vessels En Route to Nord Stream 2 Work Site

Russian Pipelaying Vessels En Route to Nord Stream 2 Work Site

Subscribe for OE Digital E‑News

Offshore Engineer Magazine