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Australia: BP, Shell to reorganize oil industry

By  |  January 7, 2014

The giants of the oil world are reportedly considering a major shakeup of the industry in Australia, where Royal Dutch Shell and BP may divest gas stations and refineries to raise cash for energy production.

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    Local reports say Shell is already in talks with two parties about a possible $3 billion sale of assets, though sources said the discussions are “preliminary.” The plans would parallel Shell head Peter Voster’s recent announcement that the company is in a “divestment phase” as reports say the companies are look to focus more on energy production and exploration operations.

    Sources say BP is similarly in talks for a $3 billion sale of gas stations and refineries, reports say.

    According to reports, Australia’s petrol industry has seen dramatic changes in recent decades with fewer gas stations and older refineries.

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