Cooper-Eromanga venture operator Santos said it was business as usual despite the surprise sale announcement by ExxonMobil subsidiary, Esso Australia Resources.
ExxonMobil gained its exposure to the Cooper in 1987 by acquiring Delhi for $985 million from CSR. The deal gave it a 20.2% interest in the SA Cooper Eromanga Basin joint venture and a 23.3% stake in the Queensland joint venture.
Cooper-Eromanga, Australia's biggest onshore oil and gas basin, has been a significant supplier of natural gas to eastern state markets since 1969 and only last month, AGL signed a $2 billion contract to buy as much as 505 petajoules of extra Cooper Basin gas, underpinning the future of the region until at least 2015.
The announcement has sparked speculation about potential suitors including Santos, Woodside Petroleum, Mitsui as well as Origin Energy.
The decision by ExxonMobil has been interpreted by some analysts as a sign that the company has more faith in the long-term future of the assets, such as the Bass Strait.
