ExxonMobil promises new investments offshore Australia

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ExxonMobil announced today that a 400 million Australian dollar ($292 million) investment is planned to boost gas production from the Kipper and Turrum offshore fields in southeastern Australia.

About 30 petajoules (28.2 billion cubic feet) of gas will come on stream in 2023 and will provide “critical gas supplies to help avoid winter supply risks predicted for Australia’s southern states”, said ExxonMobil.

The combined efforts at Kipper and Turrum – which are already producing fields in the Gippsland Basin – could deliver 200 petajoules (189 billion cubic feet) of additional gas over the next five years.

No details were provided on the type of on-the-ground development activities that will take place. ExxonMobil and BHP are 50/50 joint venture partners.

ExxonMobil Australia Chairman Dylan Pugh said the company continues to invest in bringing reliable and affordable Gippsland Basin gas to Australian homes and businesses, supporting local jobs and the Australian economy.

“Natural gas is playing an increasingly important role in meeting the demand for cleaner fuel, reducing GHG emissions in the electricity sector and supporting greater penetration of renewable energy by maintaining reliability, resilience and network stability,” Pugh said.

“Our continued investment and commitment to supplying Australian customers means that the Gippsland Basin remains the largest single source of natural gas for Australia’s east coast.

“There is still plenty of gas left in Bass Strait and we are working hard to unlock its full value. Additional investment will be required for Victoria to maintain a reliable supply of natural gas, particularly in winter.

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