ExxonMobil's Australian unit, in a joint venture with Woodside Energy, has approved the final investment decision to develop the Turrum Phase 3 project. This $221 million gas project targets underdeveloped gas resources in the Gippsland Basin.
This capital commitment underscores ExxonMobil's strategy to invest in high-return projects that enhance its natural gas production capabilities. The project is expected to contribute to Australia's energy supply and the company's regional portfolio.
The approval of this investment is a key step in bringing new gas volumes online, supporting ExxonMobil's long-term energy supply and earnings. It reflects a disciplined approach to capital allocation in its upstream segment.
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