Oil and gas major ExxonMobil has called off the multibillion-dollar sale of its stake in the Bass Strait oil and gas fields, off the coast of Victoria, after failing to attract attractive enough offers.
The company told its workforce on Friday that it had decided to retain the assets, following “extensive market evaluation”, local news organisation the Sydney Morning Herald (SMH) reported.
Bass Strait is a joint venture (JV) with partner BHP, which according to the SMH would continue with a process to divest of its shares in Bass Strait.
ExxonMobil in October 2019 announced that it would exit the Bass Strait JV.