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25 July 2008
Melbourne - ExxonMobil Australia subsidiary, Esso Australia Resources Pty Ltd, today announced that the Turrum Project in Bass Strait had been approved for development by the project participants.
The Turrum Project is part of the Gippsland Basin Joint Venture, in which Esso Australia Resources Pty Ltd (operator) and BHP Billiton Petroleum (Bass Strait) Pty Ltd each have a 50 percent interest.
ExxonMobil Australia Chairman Mark Nolan said the decision by the Turrum Project participants to approve development of the approximately $1.4 billion project is a key step towards meeting eastern Australia’s long term energy needs.
“The Turrum field holds approximately one trillion cubic feet of gas and 110 million barrels of oil and gas liquids – that’s enough energy to power a city of a million people for 20 years.
“The further development of our natural gas resources has significant environmental benefits. Natural gas produces up to 70 percent fewer emissions than coal in power generation, and uses up to 80 percent less water.
“The Turrum Project will also have a significant impact on the Gippsland economy, with up to 100 additional jobs created in the construction phase. This is in addition to the 1,000 people currently employed through the ExxonMobil Group of Companies in Gippsland.
“Bass Strait has a strong long term future. We estimate that there is still around seven trillion cubic feet of gas still to be produced, and we’re confident that means we have over 30 years of gas remaining,” Mr Nolan said.
Mr Nolan acknowledged the continued support of the Commonwealth, Victorian and local governments.
The development concept of the Turrum Project is based upon the construction of a new platform bridge-linked to the existing Marlin A platform in Bass Strait. The platform will process additional oil production and gas which will be piped back to existing facilities at Longford.
It is anticipated that construction will begin in 2009. Oil production is expected in 2011 and first gas sales expected from 2015.
Media contact: Rebecca Arnold 03 9270 3478 or 0400 511 247
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