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2018-12-14 08:30:00

EXXON INVESTS AUSTRALIA $4 BLN

EXXON INVESTS AUSTRALIA $4 BLN

EXXONMOBIL -  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.

 

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Earlier: 

 Australia
2018, November, 22, 10:45:00

CONTINUED AUSTRALIA'S GROWTH

IMF - Australia’s recent strong growth is expected to continue in the near term, further reducing slack in the economy and leading the way to gradual upward pressure on wages and prices.

 

EXXON'S NET INCOME $6.24 BLN
2018, November, 5, 11:45:00

EXXON'S NET INCOME $6.24 BLN

EXXONMOBIL - Exxon Mobil Corporation announced estimated third quarter 2018 earnings of $6.2 billion, or $1.46 per share assuming dilution, compared with $4 billion a year earlier.

 

EXXON'S LNG FOR CHINA
2018, October, 19, 11:05:00

EXXON'S LNG FOR CHINA

REUTERS - Exxon Mobil Corp is placing big bets on China’s soaring liquefied natural gas (LNG) demand, coupling multi-billion dollar production projects around the world with its first mainland storage and distribution outlet.

 

 

 Australia
2018, June, 20, 12:15:00

EXXON - AUSTRALIA LNG

PLATTS - ExxonMobil's planned LNG import project in Victoria will compete with AGL's planned LNG import terminal in the same state -- at Crib Point near Melbourne -- projected to come online by financial year 2020-2021, and AIE's project next door in the state of New South Wales, potentially at Port Kembla, Newcastle or Port Botany, expected by as early as 2020.

 

EXXON'S INVESTMENT $200 BLN
2018, June, 1, 09:15:00

EXXON'S INVESTMENT $200 BLN

BLOOMBERG - Exxon is planning to invest more than $200 billion in major oil and gas projects around the world over seven years, a signal that growth carries a bit more weight in company plans.

 

EXXON ENERGY OUTLOOK - 2040
2018, February, 5, 07:45:00

EXXON ENERGY OUTLOOK - 2040

EXXONMOBIL - Despite efficiency gains, global energy demand will likely increase nearly 25 percent. Nearly all growth will be in non-OECD countries (e.g. China, India), where demand will likely increase about 40 percent, or about the same amount of energy used in the Americas today.

 Australia
2016, July, 7, 18:05:00

LNG: BIG AUSTRALIA

Gross Australian LNG production increased by 53.2% in the March quarter to 10.1 MMt with the ramp-up of production from Australia Pacific LNG (APLNG) and Golar LNG (GLNG) projects in Queensland and the first cargo from the Gorgon project in Western Australia. The country's LNG exports reached 3.8 MMt during the same period, while Russia's LNG exports totaled 2.5 MMt.

 
 
 
Tags: EXXON, MOBIL, INVESTMENT, AUSTRALIA, LNG, GAS

Chronicle:

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EXXON INVESTS AUSTRALIA $4 BLN
2019, February, 15, 12:10:00

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EXXON INVESTS AUSTRALIA $4 BLN
2019, February, 15, 12:05:00

NORD STREAM 2 DEAL

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