ExxonMobil Makes Final Investment Decision to Develop West Barracouta Gas Project
December 12 2018 - 7:00PM
Business Wire
- Project to bring new gas supplies to
Australian domestic market
- Front-end engineering design work
completed, key contracts awarded
- 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
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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
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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.
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