ExxonMobil Announces First Production from Bintang Gas Field in South China Sea.

Energy Editors/Business Editors

IRVING, Texas--(BUSINESS WIRE)--Feb. 25, 2003

Exxon Mobil Corporation (NYSE:XOM) announced today the commencement of first production from the Bintang Gas Field located in the South China Sea. Located 137 miles offshore Terengganu, Malaysia, the Bintang Field is expected to produce approximately 1 trillion cubic feet of gas with a peak production rate of 355 million cubic feet per day. Gas from two Bintang platforms, A and B, will flow via 7 miles of new pipeline to Lawit A for processing, and then to shore via existing pipelines. Bintang is the second field to be developed under a Gas Production Sharing Contract (GPSC) with PETRONAS Carigali, a subsidiary of Malaysia's national oil company, PETRONAS, and ExxonMobil, operator of the 50-50 joint venture.

ExxonMobil and PETRONAS Carigali advanced the development of the Bintang Field under the terms of the GPSC to meet increasing national demand for gas on the Malaysian peninsula.

Terry Koonce, president of ExxonMobil Production Company, said the Bintang project is another successful collaboration between the co-venturers in meeting Malaysia's medium and long-term energy needs. "ExxonMobil is committed to ensuring reliable gas supplies to Malaysia, and to utilizing international best practices to enhance its local operations," stated Koonce. "For the Bintang development, advancing the project required innovative solutions to maximize the economic value of the field."

Koonce also noted that Bintang is yet another example of the benefits derived from ExxonMobil's industry-leading technology and project execution practices. "Our objective at Bintang and worldwide is to continue to leverage our worldwide experience to dramatically lower costs while increasing production potential," Koonce said.

The project, which required more than one million work hours to complete, was executed without a single lost-time injury to workers. Total project development cost is estimated at approximately (US) $80 million excluding drilling costs. A total of 10 wells are planned to be drilled this year.

Exxon Mobil Corporation, through its Malaysian Upstream affiliate, ExxonMobil Exploration and Production Malaysia Inc., is the largest crude oil producer in Malaysia and supplies two-thirds of Peninsular Malaysia's natural gas needs, producing approximately 280,000 barrels of oil (kbd) per day and 1.3 billion cubic feet of gas (bcfd) per day.

CAUTIONARY STATEMENT: Estimates, expectations, targets, and business plans in this release are forward-looking statements. Actual future results, including total production and production rates, as well as project plans, schedules, and costs, could differ materially due to changes in market conditions affecting the oil and gas industry; technical or operating factors; and other factors discussed under the heading "Factors Affecting Future Results" included in Item 1 of ExxonMobil's most recent Form 10-K and posted on our website (www.exxonmobil.com). Oil and gas volumes include discovered resources that are not yet classified as proved reserves but that we believe will be produced in the future.