Photographer: Andrew Burton/Getty Images

50-Year-Old Australia Oil Fields Spurned in Cheap Crude Age

Updated on
  • Exxon and BHP examine plans to sell Gippsland Basin assets
  • Australia oil output fell by more than half since peak in 2000

They’re among the oldest oil fields in Australia still in production. Now they are proving superfluous to some of the world’s biggest producers that are purging high-cost assets to weather crude’s collapse.

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