Wood Mackenzie comments on ExxonMobil's sale of Gippsland Basin upstream assets

Published by Nicholas Woodroof, Editor
Oilfield Technology, Thursday, 19 September 2019 12:30

Following ExxonMobil's announcement on its sale of its Gippsland Basin upstream portfolio, Wood Mackenzie research director, Angus Rodger, has provided the following comment:

"ExxonMobil putting its entire Gippsland Basin upstream portfolio up for sale represents big news for the Australian upstream and gas market. As a pivotal producer on the east coast, the assets play a key role in supplying gas to Australia’s biggest market. As such, we would expect interest to be strong from domestic players that wish to gain greater exposure to rising gas prices, of which there are a significant number."

"That said, these are complex, mature assets. We believe this will lead to a far smaller pool of realistic buyers, who will have to get comfortable with the age of the assets, declining production and significant decommissioning liabilities. The fact that a previous effort to offload the Gippsland oil assets failed due to uncertainty over abandonment costs highlights how big an issue it will be, but also suggests any new operator would look to extend and increase production from the portfolio to delay the onset of decommissioning spend."

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/19092019/wood-mackenzie-comments-on-exxonmobils-sale-of-gippsland-basin-upstream-assets/

K2 Energy Group acquires Eutex hazardous-area inspection services division to expand global compliance and safety capabilities

Friday 14 November 2025 09:30

K2 Oilfield Services Pte Ltd, operating as K2 Energy Group (K2), has announced the acquisition of the global hazardous-area inspection services business of Eutex Inc. (Eutex), a portfolio company of Sutherland Holdings International, through its purchase of Eutex International Pte Ltd in Singapore.

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