Boston, MA 10/28/2013 (wallstreetpr) – The energy major Exxon Mobil Corporation (NYSE:XOM) has started production at the Kipper Tuna Turrum project in Bass Strait, Victoria, Australia. The oil production is taking place at the Turrum field via the Marlin B platform, while natural gas is being produced through two new pipelines in Tuna field. The Kipper Tuna Turrum project is deemed as the largest domestic gas and oil production on the eastern seaboard. This mega production project is being operated by Esso Australia Resources Pty Ltd, a subsidiary of ExxonMobil.
This offshore Victoria project holds enough energy that can power a city of one million people for more than 35 years. As such, the project is viewed as geared towards securing the energy future of the east Australia region. Production of natural gas will also yield a lot of environmental benefits in terms of reduced carbon emission. Natural gas is considered a cleaner energy with the potential of cutting down Australia’s carbon dioxide emission by more than 60% when used to generate electricity.
Other direct impact of the Kipper Tuna Turrum project is through jobs for the local contractors and suppliers, especially in the regions of Victoria and Gippsland. From the very preliminary stages of the project – construction and installation – some 1,300 full-time job opportunities were generated. It is reported that the project so far has $2.72 billion in Australian content. With the installation of mercury removal facilities for the Kipper Tuna Turrum project, the production is expected on line in 2016. Exxon Mobil announced. The Kipper Tuna Turrum project is a 50-50 joint venture of Esse Australia Resources Pty Ltd and BHP Billiton Petroleum ltd. The venture participants for this project are Santos Limited, Esso Australia Resources Pty Ltd and BHP Billiton.
In Friday’s trading, Exxon Mobil fell 0.51% to end the week south at $87.97 having traded less than the daily average for the day. The energy major company has $387.24 billion in market cap.
