After a tough year for Big Oil, Exxon sees a bright spot in Australia

Global energy giant ExxonMobil is preparing to a tap a new gas field in Bass Strait within weeks as it begins to recover from a bruising year and sees bright demand in Australia ahead of looming east-coast gas shortfalls.as the COVID-19 pandemic wiped out demand for its products, said the company was targeting a first gas output as early as next month from West Barracouta, one of the largest undeveloped gas fields off south-eastern Australia.

In Australia, the sharp downturn in petrol, diesel and jet fuel demand prompted Exxon to announce the closure of its 72-year-old oil refinery, which employed 300 workers, in Melbourne’s Altona.The COVID-19 crisis has also accelerated assumptions across the industry about the pace of the world’s shift away from carbon-intensive fossil fuels such as coal, oil and gas in favour of cleaner sources, raising suggestions that challenging years could become more commonplace.

“I can’t predict exactly how the next 12 to 18 months will play out, the pace of recovery, but I see a really bright future for the energy industry.”

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