MELBOURNE (Reuters) – BHP Group said on Tuesday it plans to sell its Australian Bass Strait oil and gas stake as it seeks to focus on its higher value petroleum assets.
The Bass Strait joint venture is co-owned and operated by Exxon Mobil Corp, which has also put its 50% stake up for sale, which analysts have estimated could fetch up to $3 billion.
“We continue to optimise our petroleum portfolio through the exit of later life assets, including an intended exit from Bass Strait,” the company said in its annual results statement.
(Reporting by Sonali Paul; Editing by Muralikumar Anantharaman)
