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ExxonMobil buys massive Bass prospect

ExxonMobil has secured one of the largest potential gas prospects in Australian waters, after buying the Dory Field in the Bass Strait.

According to The Australian, the Dory Field could contain up to 2 trillion cubic feet of gas, and would add to ExxonMobil’s already large Victorian operations.

“We recently completed a transaction with Liberty Petroleum to acquire its interest and operatorship of the VIC/P70 exploration permit in the offshore Gippsland Basin in Australia,” said an ExxonMobil spokesman.

“We are currently progressing our exploration plans for the licence.”

The Australian reports that Exxon has contract a rig to drill the deep water off the coast of Victoria in the third quarter of 2018, which brings drilling commitments forward a year.

The terms of the deal haven’t been disclosed by either ExxonMobil or Liberty Petroleum, but it is likely that there is a royalty deal involved.

BHP will also have an option to buy into the prospect, as it is ExxonMobil’s partner in the Gippsland Basin joint venture, which has been pumping oil and gas from the Bass Strait since the 1960s.

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