Exxon, BHP axe lengthy sale of 50-year-old Australia oil fields

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 and BHP Billiton 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.