ExxonMobil: 5 potential Asia Pacific disposals Report

Insight 04 October 2019

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Report summary

ExxonMobil has fired the starting pistol on its Asia Pacific disposal programme. Having set out its ambition to divest US$15 billion worth of assets by 2021, the company has confirmed in recent weeks it will sell stakes in Peninsular Malaysia and the Bass Strait JV in Australia. A number of other regional assets are expected to come to market over the next couple of months, including mature and pre-FID projects. We've identified our top divestment candidates in ExxonMobil's Asia Pacific portfolio - these five opportunities represent US$5 billion of value, potentially contributing a third of ExxonMobil’s global divestment target.

Executive summary
- 1. Australia – Bass Strait JV (XOM 50%, operator), Kipper (XOM 32.5%, operator), remaining NPV10 US$2.8 billion
- 2. Malaysia – Gas PSC (XOM 50%, operator), EPMI 2008 PSC (XOM, 78% operator), remaining NPV10 US$556 million
- 3. Thailand exit – Sinphuhorm (XOM 10%), Nam Phong (XOM 80%, operator), remaining NPV10 US$65 million
- 4. Vietnam exit – Cai Voi Xanh (XOM 63.75%, operator), remaining NPV10 US$306 million
- 5. Wildcard: Indonesia exit – Cepu (XOM 50%, operator), remaining NPV10 US$1.2 billion
Implications for ExxonMobil in Asia Pacific