News Dec. 12, 2018
ExxonMobil makes final investment decision to develop West Barracouta gas project
SPRING, Texas — 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.
News Dec. 12, 2018
- Project to bring new gas supplies to Australian domestic market
- Front-end engineering design work completed, key contracts awarded
- Gas production expected by 2021
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.
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 the largest refiner and marketer 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 at 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 schedules and resource recoveries could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including obtaining necessary regulatory permits; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of commercial negotiations; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at www.exxonmobil.com. References to “resources” in this release include quantities that are not yet classified as proved reserves under SEC rules but that we believe will be produced in the future and moved into the proved reserve category.
Public company information: NYSE:XOM
Contact: ExxonMobil Media Relations, +1 972-940-6007