ExxonMobil Makes Final Investment Decision to Develop West Barracouta Gas Project
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Project to bring new gas supplies to Australian domestic market
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Front-end engineering design work completed, key contracts awarded
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Gas production expected by 2021
ExxonMobil
said today that it has made a final investment decision to develop the
West Barracouta gas field in Bass Strait to bring new gas supplies to
the Australian domestic market. The project, located in the VIC/L1 block
offshore Victoria, is part of the company’s continuing investment in the
Gippsland Basin.
The company recently completed front-end engineering design work for the
project, which is part of the Esso-BHP Gippsland Basin Joint Venture,
and awarded contracts to Subsea 7 and OneSubsea, a Schlumberger company.
The project will be tied back to the existing Barracouta infrastructure
offshore in Bass Strait, the first offshore field ever discovered in
Australia.
“We continue to use advanced technology, along with our extensive,
decades-long understanding of the Gippsland Basin, to ensure full
potential of the resource can be realized,” said Neil W. Duffin,
president of ExxonMobil Production Company. “Our objective is to produce
West Barracouta gas for the Australian domestic gas market by 2021.”
The Gippsland Basin Joint Venture continues to supply about 40 percent
of east coast Australian domestic gas demand.
The new project builds on more than $4 billion (AUD $5.5 billion)
invested by the Gippsland Basin Joint Venture in other recent projects
in Victoria to supply Australian domestic gas demand, including the
Kipper Tuna Turrum offshore project and the Longford Gas Conditioning
Plant.
“The Gippsland Basin Joint Venture has 50 years of experience in Bass
Strait,” said Richard Owen, chairman ExxonMobil Australia. “Since the
first Bass Strait well was drilled in 1965, about four billion barrels
of crude oil and eight trillion cubic feet of natural gas have been
produced.”
ExxonMobil subsidiary Esso Australia Pty Ltd operates the Gippsland
Basin Joint Venture on behalf of a 50-50 joint venture with BHP Billiton
Petroleum (Bass Strait) Pty Ltd.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas
company, uses technology and innovation to help meet the world’s growing
energy needs. ExxonMobil holds an industry-leading inventory of
resources, is one of the largest refiners and marketers of petroleum
products, and its chemical company is one of the largest in the world.
For more information, visit www.exxonmobil.com
or follow us on Twitter www.twitter.com/exxonmobil.
Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans and timing, could vary
depending on changes in long-term prices for oil and natural gas and
other market factors affecting the oil and gas industry; the outcome of
commercial negotiations; the outcome of future development projects;
economic conditions including the occurrence and duration of economic
recessions; changes in government policies or regulations, including tax
and environmental requirements; the actions of competitors; and other
factors discussed in this release and under the heading “Factors
Affecting Future Results” on the Investors page of ExxonMobil’s website
at exxonmobil.com. References to natural gas, resources, and similar
terms in this release include quantities that are not classified as
proved reserves under SEC regulations but that we expect will ultimately
be produced and moved to the proved reserve category.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181212005890/en/
Copyright Business Wire 2018
Source: Business Wire
(December 12, 2018 - 7:00 PM EST)
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