Exxon Mobil Corp. announced today the Gippsland Basin Joint Venture, which includes its subsidiary, Esso Australia, will invest US $1.1 billion to develop more than 270 million oil-equivalent barrels from the Turrum field in the Bass Strait, offshore southeast Australia.

The development follows the recent announcement of $1 billion in funding to develop natural gas from the Kipper field, also in the Bass Strait.

Esso Australia is the Turrum field operator and holds 50 percent interest with BHP Billiton. Esso Australia operates 21 offshore oil and gas production facilities in Bass Strait and also operates and holds 32.5 percent interest in the Kipper Unit Joint Venture with BHP Billiton and Santos Limited.

“ExxonMobil continues to be an industry leader in bringing new energy supplies to the market and the Turrum field development is the latest example,” said Rich Kruger, president of ExxonMobil Production Company.

“Bass Strait has a long history and a bright future,” Kruger said. “There are significant oil and gas resources remaining to be produced in the basin.”

Esso Australia has produced oil and gas from the Bass Strait offshore fields for nearly 40 years.

The Turrum and Kipper projects are among 119 in ExxonMobil's industry-leading portfolio to support development of more than 24 billion oil-equivalent barrels of energy.