Longford Quarterly Update - March 2025

It has been a busy start to the year for our Longford Plants and Offshore operations as we continue operating as a modern gas business as one of the largest suppliers of gas in southeast Australia. We are proud to deliver Gippsland gas to Australians every day and will continue to do so well into the next decade, underpinned by ongoing significant investments to access further gas production.

Over the past six years, we have invested almost a billion dollars to deliver much-needed Gippsland gas to Australians. These investments include the recently announced funding for the Kipper 1B and Turrum phase 3 projects, which follows the successful completion of the recent Kipper Compression Project, and the West Barracouta project which came online in 2021. The nearly $200 million investment for the Kipper 1B project will bring much-needed gas supply online, utilising the VALARIS 107 rig to drill a new well in the Kipper field, and involve significant upgrades to the West Tuna platform. Drilling starts later this year, with the project expected to deliver crucial gas supplies to the Australian domestic market ahead of winter 2026.

In addition, our $350 million investment in the Turrum phase 3 project is set to deliver gas to South-East Australia before winter 2027 and produce four times more gas than Queensland supplied to southern states in 2024, further strengthening Australia's energy security.

Whilst we continue to produce gas, we are also progressively decommissioning the facilities associated with fields that have reached the end of their producing life. So far, we have safely completed over $2 billion of early decommissioning works across our offshore operations including the permanent plug and abandonment of more than 150 wells.

Barry Beach Marine Terminal will continue to play an important role in supporting our ongoing decommissioning efforts and the continuous supply of Gippsland gas. For over 50 years, it has been the primary supply base for Bass Strait offshore operations. After evaluating various ports, we determined that Barry Beach Marine Terminal offers the best combination of proximity to the field, sheltered transportation for structures, ample laydown space, and closeness to the necessary workforce to support our decommissioning effort.

Since 2022 we have been progressing the SEA CCS project to determine the potential for CCS in the broader Gippsland Basin, and we have now completed front-end engineering and design work to evaluate the suitability of the Bream field is as a suitable storage location for CO2. Whilst we believe that the Bream field could provide a suitable CO2 storage location, we have determined that the Bream A platform is not required to support any CCS project and will proceed with decommissioning the facility in accordance with our regulatory obligations. We continue to explore opportunities to utilise the Bream reservoir for CCS, as well as screening other larger gas fields and associated infrastructure still involved in producing gas for Australia’s east coast.

Over the past year, our contributions to various community organisations have been met with great appreciation. It has been truly uplifting to witness the positive feedback and personal thanks from numerous organisations. We are proud to continue supporting our community and hope that our contributions are making a valuable difference.

As we move forward, we remain committed to our core values of safety, reliability, and community support. We look forward to another year of safe operations and meaningful contributions to the community.

If you have any questions or need further information, please reach out to me via consultation@exxonmobil.com.