Exxon Mobil Corporation says that the Gorgon liquefied natural gas (LNG) project has been approved for development by the project participants.

The final investment decision for Gorgon was announced by representatives from the Gorgon joint venture (ExxonMobil 25 percent interest, Shell 25 percent interest and Chevron 50 percent interest and Operator) at a ceremony in Perth attended by the Premier of Western Australia, Hon. Colin Barnett MLA and the Federal Minister for Resources and Energy, Hon. Martin Ferguson MP.

The decision follows recent execution of LNG sales and purchase agreements with PetroChina International Company Limited and Petronet LNG Limited of India for ExxonMobil’s equity share of LNG in the Gorgon Project.

"With global demand for LNG forecast to triple by 2030, the Gorgon Project will be a critical supply source in meeting this future demand, particularly for the economies in the fast growing Asia-Pacific region,” said Neil Duffin, president of ExxonMobil Development Company. “The supply of cleaner-burning natural gas will also be critical in helping minimize global emissions.”

Duffin said the final investment decision on Gorgon is a significant milestone. “With our commitment to the Gorgon Project along with the ongoing development of Australia’s world class oil and gas fields in Bass Strait, ExxonMobil continues to be a strong contributor to Australia’s energy development and economic progress,” he said.

“ExxonMobil is proud to be a participant in the Gorgon Project with our co-venturers, Chevron and Shell. Together, with support from the Australian and Western Australian Governments, we are committed to the successful development of the Gorgon resources, which includes a large scale carbon capture and storage project.”

Tags: Exxon Mobil Corporation