ExxonMobil and Woodside Approve $221 Million Investment for Turrum Phase 3 Gas Project
ExxonMobil Australia and Woodside Energy have sanctioned the final investment decision of $221.31 million in Turrum Phase 3 project in the Gippsland Basin, designed to release underdeveloped gas resources. The joint venture partners intend to develop five new wells in the Turrum and North Turrum gas fields which will increase domestic market gas supply.
The move follows a warning made earlier this year by Australia’s competition regulator of a possible east coast shortage of gas by 2027. With a structural drop in domestic production, the nation risks being dependent on imports of gas unless more investments are made. The Turrum Phase 3 project will help sustain production from the Gippsland Basin beyond 2030 which will secure the country’s gas supply.
Simon Younger, ExxonMobil Australia Chairman highlighted the significance of these projects in securing Bass Strait gas production for domestic consumption. In the same line, Woodside’s executive vice president, Liz Westcott said that Turrum Phase 3, together with Kipper 1B, will be critical in ensuring Australia’s future gas demand. The entire gas from the Bass Strait fields will be marketed domestically to fuel generators, manufacturers and households, thereby providing a steady supply to Australian consumers.
The Turrum Phase 3 project is a milestone in securing Australia’s energy future and meeting imminent supply issues.
