BHP to sell stake in Exxon-operated Bass Strait joint venture

first_imgEnergy giant BHP has revealed plans to sell its 50 per cent stake in the Bass Strait oil and gas venture to enable focusing on higher-value petroleum assets. Namely, the small company bought an ageingfield in 2016 which came with $156 million in abandonment liabilities, but thenwent into voluntary administration last year. The decommissioning costs for theBass Strait assets are estimated to be many times higher than that. It is worth noting that the BassStrait oil and gas fields off Australia’s southeastern coast have produced morethan 4 billion barrels of crude oil and about 8 trillion cubic feet of gas overthe past 50 years and now face a steep decline. This, according to Kavonic, could drastically limit the pool of buyers for Bass Strait interests. Regulators will most likely watch thesale very closely because of the case of the North Oil & Gas Australia(NOGA) company. According to Reuters, which quoted analystopinions, BHP might be able to sell its stake before ExxonMobil since its interestmight attract more bidders as it is not the operator of the field. Credit Suisse analyst Saul Kavonic told Reuters that there will be heightened regulatory scrutiny over any potential buy due to the high abandonment costs and anyone’s ability to meet them. The Bass Strait joint venture is co-owned and operated by ExxonMobil. The Bass Strait is kind of unwanted at the moment as ExxonMobil also put up its 50 per cent stake for sale in September 2019. It is estimated that the stake could fetch up to $3 billion. Another thing related to the sale isthe risk regarding abandonment liabilities which are deemed as significant. BHP said on Tuesday in its financial resultsstatement that the company was continuing to optimize its petroleum portfoliothrough the exit of later life assets, including an intended exit from the BassStrait. At $1.1 billion, the Bass Strait wasthe biggest single contributor to BHP’s petroleum revenue in the year to June2020, but that is a drop from a $1.6 billion annual contribution in 2010.last_img read more

SWAN Hails NFF over Members’ Appointments as Media Officers

first_imgThe President, Sports Writers Association of Nigeria (SWAN), Honour Sirawoo has commended the Amaju Pinnick-led Nigeria Football Federation for appointing members of the association as media officers of various national football teams.Recognising the gesture as the first time in the history of the association to have such numbers, Sirawoo stressed that the NFF has further deepened SWAN’s determined efforts to ensure that only licensed sports journalists are saddled with such responsibilities.Among those appointed are Pius Ayinor (Super Eagles B), Sharif Abdallah (Olympic Eagles) and Andrew Randa (Flying Eagles). Others include Cecilia Omorogbe (Falconets), Francis Achi (Golden Eaglets), Faith Meremegbunam (Flamingos) and Tobi Adepoju (U15 National Boys-Future Eagles).Retained are; Toyin Ibitoye (Super Eagles) and Jane Nweze (Super Falcons)Sirawoo expressed joy that the untiring efforts of SWAN under his leadership were paying desired dividends, adding that the association will continue to explore more partnership for members’ benefit.“I must say kudos and thank you to President Amaju Pinnick and his team. This has been one of our priorities since we came on board, that our members should be recognised as professionals and contributors to sports development.“We are particularly happy that all those appointed are current card carrying members of the association, which goes to show that there is unity of purpose among critical stakeholders towards the advancement of Sports, ” Sirawoo said.The SWAN boss charged the appointed media officers to reflect professionalism in the discharge of their duties and be good ambassadors of the association.“Every sensitive appointment comes with discipline, dignity and dedication. It behooves on them to perform well to attract more opportunities for other members,” he statedThe leader of Sports Journalists in Nigeria, assured the leadership of the NFF, that the Association will trigger its’ machinery to ensure that the teams benefit maximally from the appointments; and pledged the preparedness of SWAN to partner the Federation for the promotion of football in Nigeria.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more