(Updates with details, background)
March 17 (Reuters) - Exxon Mobil Corp's XOM.N Australian unit said on Thursday it will invest more in its Gippsland Basin Kipper field to deliver additional gas, in a move targeted at easing potential supply shortage of domestic natural gas.
Esso Australia will invest an estimated A$400 million ($291.48 million) in the Southeast Australia-based basin to extract an additional 200 petajoules (PJ) of gas over the coming five years, the top U.S. oil producer said https://www.exxonmobil.com.au/News/Newsroom/News-releases-and-alerts/2022/Esso-Australia-to-Expand-Gas-Development-in-the-Gippsland-Basin, adding that about 30 PJ will be produced next year.
Exxon's decision comes as the country's regulators warn of a gas shortfall in eastern Australia from 2026.
The ageing Gippsland basin joint venture is operated by Esso Australia in a 50%-50% partnership with a unit of global miner BHP Group (BHP) . The BHP unit might be transferred to Woodside Petroleum (WPL) if their proposed merger goes ahead this year.
BHP offered no immediate comment on the decision to boost gas production from the Kipper field.
Esso Australia also said it was advancing funding decisions to begin production from the Turrum field in Bass Strait, offshore Victoria.
($1 = 1.3723 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar))
News: BHP UPDATE 1-Exxon unit to invest $291 mln to expand gas extraction in southern Australia
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