As part of a broader review of its global portfolio, ExxonMobil intends to sell part of its Australian assets, including its interest in oil and gas fields in the Gippsland Basin in Bass Strait off the state of Victoria. Owned through a joint venture with mining group BHP Group since 1964, the assets consist of 19 offshore platforms, the Longford and Long Island Point plants and associated infrastructure and production fields. Recently, output from the oil fields has been declining. They supply 40% to 50% of the gas demand on the east coast of Australia, while oil supply has been declining in recent years.
In December 2018, ExxonMobil and its partner BHP Billiton made an FID to develop the West Barracouta gas field in the Bass Strait offshore Australia. The project is expected to start production in 2021 and will be tied to the already existing infrastructure in Barracouta. Exxon has also a 25% share in the 15.6 Mt/year Gorgon LNG plant.