As part of a program to reduce non-core assets and increase returns to shareholder, ExxonMobil is again trying to sell its assets in southeast Australia. It is reported by Enkorr with reference to Worldoilnews.
This is the second attempt by the oil and gas giant in the last three years to sell Australian enterprises, including a long-running project in the Gippsland basin. In February 2018, ExxonMobil and its joint venture partner BHP Group stopped the 20-month asset sale process.
Buyers have not yet been determined, no agreements have been reached. The American corporation will “test market interest” in its global assets, including Australian ones, the e-mail message said.
“ExxonMobil is constantly checking its assets for their contribution to meeting the company's operational needs, its financial goals and their potential value to others”, the statement said.
The company plans to use the proceeds from the sale of assets to finance promising projects in Papua New Guinea, Texas and Brazil.
Earlier this month, the company confirmed that it had been in talks with Spanish Repsol SA on the sale of deep-sea assets in the Gulf of Mexico.
Buyers of ExxonMobil properties for sale “must understand that we are talking about old assets and that their production will be reduced; they should also plan significant costs for decommissioning these facilities”, said Angus Roger, research director at Wood Mackenzie Ltd. “The fact that a previous attempt to dump Gippsland’s oil assets [in the basin] failed because of the uncertainty about the costs of shutting them down shows how serious this problem is”.
It was previously reported that ExxonMobil stopped production in Norway after more than 100 years of operation. American Energy Corporation will sell its oil and gas assets for $4 billion.