Wednesday, May 03, 2006

Exxon Mobil Moves Closer to LNG Deal in Australia

Exxon Mobil appears closer to a $3 billion deal to develop the Scarborough gas field in Australia. BHP Biliton, which has proposed building the Cabrillo Port LNG facility 20 miles off the coast of Malibu and Ventura County, would partner with XOM on the project.

BHP estimates that the Scarborough field holds 8 trillion cubic feet of natural gas.