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ExxonMobil Strikes Oil, Nat Gas Deals

The energy giant will spend $1.1 billion to develop the Turrum oil field in the Bass Strait in Southern Australia, as it embarks on a $1 billion deal with miner BHP Billiton to develop a natural gas field nearby.
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on Friday announced two $1 billion deals to develop oil and natural gas fields in Southern Australia.

The oil giant and a subsidiary will invest $1.1 billion to develop more than 270 million oil-equivalent barrels from the Turrum field in the Bass Strait, offshore southeast Australia, the company said. That follows an earlier announcement that it will partner with Australian miner

BHP Billiton

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in a $1 billion deal to develop natural gas from the Kipper field, also in the Bass Strait.

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"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 Co. "Bass Strait has a long history and a bright future. There are significant oil and gas resources remaining to be produced in the basin."

Light, sweet crude for August delivery was trading $2.44 lower Friday to $123.05. The

U.S. Oil ETF

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recently down 2.1% to $99.29.

ExxonMobil was up fractionally to $81.43. BHP Billiton was up fractionally to $70.06.

This article was written by a staff member of