Exxon, BHP Investing $1 Billion on New Australian Gas Plant

Bloomberg reported that BHP Billiton and Exxon Mobil are investing upwards of $1 billion on a new plant to process natural gas in Australia.

As quoted in the market report:

The plant in Victoria state will remove carbon dioxide from gas produced at the Turrum venture, Melbourne-based BHP said today in a statement. BHP, Australia’s largest oil producer, said it will spend $520 million on the Longford gas treatment facility. Exxon’s Esso Australia Resources Pty said in a separate statement that it will invest A$500 million ($527 million) for its share.

To view the whole Bloomberg report, click here.