Majors and large US independents are scaling back their upstream presence in Asia-Pacifc and Australia, selling assets from Indochina to the Bass strait while tightening their investment focus on prospects elsewhere with bigger scale and higher potential returns on investment. The high-grading push includes plans by ExxonMobil to seek buyers for its ofshore oil felds in Malaysia and its 50pc stake in the Gippsland basin upstream development in Australia’s Bass strait to help meet a $15bn divestment target by 2021. US independent ConocoPhillips this month agreed to sell its assets in northern Australia, including its stake in the Darwin LNG plant and associated natural gas felds, to Australian independent Santos for at least $1.39bn.
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