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Exxon Mobil-led jv to develop Australia’s Kipper offshore gas field

AFX Europe (Focus): Exxon Mobil-led jv to develop Australia’s Kipper offshore gas field

Jun 15, 2005

SYDNEY (AFX) – Esso Australia, a subsidiary of Exxon Mobil Corp, said the partners in the Kipper gas field in Australia’s Bass Strait have agreed to develop the project, with first gas expected to flow into southern Australian markets in 2009.

Esso is the project operator, with an 32.5 pct interest under a revised equity agreement. BHP Billiton also holds 32.5 pct, while Woodside Petroleum Ltd, which is about one-third owned by Shell, has 21 pct and Santos Ltd 14 pct.

Esso said the project partners have agreed on the key terms and conditions for processing gas from the Kipper field through Esso and BHP Billiton’s existing onshore infrastructure and processing facilities in the Gippsland district of the Australian state of Victoria.

In a statement, Exxon Mobil Australia chairman Mark Nolan said the project has the potential to be one of the largest gas developments to come on stream in Victoria in the medium term and will underpin growth in Gippsland gas sales.

Kipper has a resource of about 620 bln cubic feet of recoverable gas and 30 mln of barrels of condensate and liquid petroleum gases.

The field is located in 100 meters of water, about 45 kms offshore.

The project’s development is subject to funding approvals by the participants while the development cost was not disclosed.

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