ExxonMobil announces $1.1 billion Turrum Field development

by PegNews wire

IRVING — Exxon Mobil Corporation announced today the Gippsland Basin Joint Venture, which includes its subsidiary, Esso Australia, will invest $1.1 billion to develop more than 270 million oil-equivalent barrels from the Turrum field in the Bass Strait, offshore southeast Australia.

The development follows the recent announcement of $1 billion in funding to develop natural gas from the Kipper field, also in the Bass Strait.

“ExxonMobil continues to be an industry leader in bringing new energy supplies to the market and the Turrum Field development is the latest example,” said Rich Kruger, president of ExxonMobil Production Company. “Bass Strait has a long history and a bright future,” Kruger said. “There are significant oil and gas resources remaining to be produced in the basin.”

The Turrum field holds approximately one trillion cubic feet of gas and 110 million barrels of oil and natural gas liquids. The development concept for the 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 cycling which will be piped back to existing processing facilities at Longford. Construction is anticipated to begin in 2009. Oil production is expected in 2011, and first gas sales are estimated to take place in 2015.

Source: ExxonMobil