- BHP Billiton (NYSE:BHP) and Exxon Mobil’s (NYSE:XOM) Esso Australia say they have abandoned a sale process for some of Australia’s oldest and largest offshore oil fields after 20 months.
- The companies say they will retain ownership and operation of fields, licenses and associated infrastructure held in the Gippsland Basin 50-50 joint venture, which launched production in 1969.
- Production from the JV is forecast to drop to 244 petajoules in 2018 from a record 330 PJ last year, as one of its 13 fields has run out of gas earlier than expected.