ExxonMobil Corp. (NYSE: XOM) and BHP Billiton Ltd. (NYSE: BHP) said on June 15 that they are considering selling depleting energy assets in Australia, including Kingfish, the country's largest ever discovered oil field.
The resource giants are looking to market 13 fields, licenses and associated infrastructure held in the Gippsland Basin joint venture. The venture in Australia's Victoria state began operations in 1969, according to BHP's website.
"We are seeking to identify interested parties with proven experience and strength to operate and capture the remaining potential in these licenses," a spokesman for Esso Australia, which operates the venture, told Reuters.
BHP and Esso Australia each hold a 50% share of the joint venture.
Recommended Reading
US Oil, Gas Rig Count Rises to Highest Since September: Baker Hughes
2024-03-01 - The U.S. oil and natural gas rig count is at its highest since September 2023.
Comstock Continues Wildcatting, Drops Two Legacy Haynesville Rigs
2024-02-15 - The operator is dropping two of five rigs in its legacy East Texas and northwestern Louisiana play and continuing two north of Houston.
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
TotalEnergies Fénix Platform Installed Offshore Argentina
2024-02-13 - First gas from the TotalEnergies-operated project is expected in fourth-quarter 2024.
TPH: Lower 48 to Shed Rigs Through 3Q Before Gas Plays Rebound
2024-03-13 - TPH&Co. analysis shows the Permian Basin will lose rigs near term, but as activity in gassy plays ticks up later this year, the Permian may be headed towards muted activity into 2025.