BHP Group reshuffles petroleum portfolio, puts up stake in Australian Bass Strait assets for sale

On Tuesday, in a statement the BHP Group said, it plans on selling its stake in the Australian Bass Strait’s oil and gas assets, as it attempts to increase its focus on higher value petroleum assets.

The Bass Strait joint venture is co-owned and operated by Exxon Mobil Corp; the latter has already puts its 50% stake up for sale, which analysts expect could potentially fetch up to $3 billion.

“We continue to optimize our petroleum portfolio through the exit of later life assets, including an intended exit from Bass Strait,” said BHP Group in its annual results statement.

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