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Exxon, BHP Axe Lengthy Sale of 50-Year-Old Australia Oil Fields

  • Energy producers decide to retain Gippsland Basin assets
  • Australia oil output fell by more than half since peak in 2000
An Exxon Mobil Corp. Gas Station Ahead Of Earnings Figures
Photographer: Ty Wright/Bloomberg

Two of the world’s biggest energy producers have abandoned the sale of some of Australia’s oldest oil fields after running a 20-month sales process.

Exxon Mobil Corp. and BHP Billiton Ltd. will retain ownership and operation of fields, licenses and associated infrastructure held in the Gippsland Basin Joint Venture after concluding a sale process, Exxon’s Esso Australia unit said Friday in a statement. The two companies reached a joint decision not to progress with the sale of offshore assets owned by the venture, a BHP spokesperson added in an email.