ExxonMobil Announces Gorgon Full Funding
Exxon Mobil Corporation announced today that the Gorgon liquefied natural gas (LNG) project has been approved for development by the project participants.
The final investment decision for Gorgon was announced by representatives from the Gorgon joint venture (ExxonMobil 25 percent interest, Shell 25 percent interest and Chevron 50 percent interest and Operator) at a ceremony in Perth attended by the Premier of Western Australia, Hon. Colin Barnett MLA and the Federal Minister for Resources and Energy, Hon. Martin Ferguson MP.
The decision follows recent execution of LNG sales and purchase agreements with PetroChina International Company Limited and Petronet LNG Limited of India for ExxonMobil's equity share of LNG in the Gorgon Project.
"With global demand for LNG forecast to triple by 2030, the Gorgon Project will be a critical supply source in meeting this future demand, particularly for the economies in the fast growing Asia-Pacific region," said Neil Duffin, president of ExxonMobil Development Company. "The supply of cleaner-burning natural gas will also be critical in helping minimise global emissions."
Duffin said the final investment decision on Gorgon is a significant milestone. "With our commitment to the Gorgon Project along with the ongoing development of Australia's world class oil and gas fields in Bass Strait, ExxonMobil continues to be a strong contributor to Australia's energy development and economic progress," he said.
"ExxonMobil is proud to be a participant in the Gorgon Project with our co-venturers, Chevron and Shell. Together, with support from the Australian and Western Australian Governments, we are committed to the successful development of the Gorgon resources, which includes a large scale carbon capture and storage project."
The Gorgon LNG Project is among a growing ExxonMobil portfolio helping to meet the energy needs of Australia and the rest of the world. The greater Gorgon area is estimated to have resources of 40 trillion cubic feet of natural gas. First LNG sales are targeted for 2014 and domestic gas in 2015.
ExxonMobil in Australia
ExxonMobil is the largest integrated energy company in Australia and employs about 1,700 people in oil and gas exploration, production, marketing and refining as well as the manufacture of lubricants and chemical products. ExxonMobil has a business history in Australia stretching back over 110 years. The company has played a significant role in the development of Australia's petroleum resources and this year celebrated 40 years of oil and gas production from Bass Strait. ExxonMobil operates 21 offshore platforms and installations in Bass Strait as well as the Longford gas processing and crude stabilisation plants and Long Island Point LPG processing plant. In 2008, ExxonMobil announced development of the Kipper and Turrum projects in Bass Strait. In Western Australia, in addition to the development of Gorgon, the company has a 50 percent working interest and is the operator for the Scarborough gas field, which is in early stages of resource development planning.
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