ExxonMobil subsidiary, Esso Australia, is today celebrating the 50th anniversary of the Gippsland Basin Joint Venture.
This significant partnership officially began on 28 May 1964 when predecessor Esso and BHP companies signed a joint venture agreement, with Esso as operator for oil and gas exploration off Victoria’s Gippsland coast.
ExxonMobil Australia Chairman Richard Owen said the Esso-BHP Billiton Gippsland Basin Joint Venture is one of the most enduring partnerships in Australia’s corporate history.
“The story of oil and gas in Australia will always hinge on Bass Strait. Our investment in Bass Strait has been a critical building block underpinning the economic growth of this nation.
“At the peak of oil production in the early 1980s, Bass Strait was delivering 10 per cent of total federal revenue and since the first well was drilled, around four billion barrels of crude oil and eight trillion cubic feet of natural gas have been produced. Today, the Gippsland Basin Joint Venture currently meets nearly 40 per cent of east coast Australian domestic gas demand.
“The Gippsland community has also benefited through regional development and job creation as well as significant contributions in support of Gippsland’s schools, emergency services, hospitals and a wide range of community groups,” he said.
Mr Owen said the fact the Esso-BHP Billiton joint venture has recently completed significant new development projects in Bass Strait including a new platform, Marlin B, is testament to the achievements of scientists and engineers who continue to develop technology in order to extend the life of oil and gas fields off the Gippsland coast.
“The ExxonMobil Australia-operated Kipper Tuna Turrum Project is the largest domestic gas development on the eastern seaboard. Production from the Kipper Tuna Turrum project will help maintain current gas production levels from Bass Strait, which have been producing for nearly 45 years.
“The Gippsland Basin Joint Venture truly is a partnership that changed the nation with the discovery of the world-class Bass Strait oil and gas fields,” he concluded.
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