ExxonMobil Announces Start of Sakhalin-1 Exports; Newest Milestone in Company's Effort to Increase World Energy Supplies.IRVING, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to -- Exxon Mobil Corporation Exxon Mobil Corporation U.S.-based oil and gas company formed in 1999 through the merger of Exxon Corp. and Mobil Corp. It has investments and operations in petroleum and natural gas, coal, nuclear fuels, chemicals, and ores. (NYSE NYSE See: New York Stock Exchange :XOM XOM Exxon Mobil Corporation (stock symbol) XOM X/Open Object Management XOM OSI-Abstract-Data Manipulation API XOM Xml Object Model XOM X/Open Osi Abstract Data Manipulation ) announced today that its subsidiary, Exxon Neftgas Limited, has commissioned the crude oil export system for the multiphase Mul´ti`phase a. 1. (Elec.) Having many phases; Adj. 1. multiphase - of an electrical system that uses or generates two or more alternating voltages of the same frequency but differing in phase angle Sakhalin-1 project offshore Russia, bringing to eight the total of ExxonMobil-operated startups within the last 12 months. These significant projects, located in the North Sea, Malaysia, Qatar and in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. , are expected to deliver peak gross rates in excess of 1,000,000 barrels a day of oil and more than 1.5 billion cubic feet of daily gas to world energy markets. In addition, last month ExxonMobil and its partners announced the start of construction of a new LNG LNG (liquefied natural gas): see under natural gas. terminal on the Texas Gulf Coast that will help meet growing U.S. natural gas demand. First oil for Sakhalin-1 began flowing into the export system on August 29, and it is expected the initial tanker will begin loading at the newly-constructed DeKastri terminal this month. Oil production should ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale to an estimated peak rate of 250,000 barrels a day by the end of 2006, following completion of the Onshore Processing Facility. In addition to the terminal, the export project includes a 24-inch, 140 mile pipeline and a tanker loading facility designed for year-round crude oil transport. "The startup of Sakhalin-1 exports will provide additional needed energy supplies to the expanding economies of Asia and to other global customers," said Stuart McGill, senior vice president of Exxon Mobil Corporation. "This project is another example of a long-lead time, technology intensive development brought to fruition this past year to help address the world's ever-growing energy demand." ExxonMobil has increased daily oil and gas production during the second quarter 2006 by 6 percent compared to the same period last year(1). This additional supply is from developments such as Kizomba B offshore Angola; Yoho, Erha and the Additional Oil Recovery project offshore Nigeria; Ras Gas Train 4 and the Al Khaleej Gas project in Qatar; the Arthur project in the U.K. sector of the North Sea; the Guntong Hub in Malaysia; as well as others in which the company holds interest. Last month, ExxonMobil and its co-venture partners Qatar Petroleum and ConocoPhillips, announced the start of construction of the Golden Pass Liquefied Natural Gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. (LNG) terminal in Sabine Pass, Texas Sabine Pass, Texas is a city located in Jefferson County, Texas, 15 miles south of Port Arthur, Texas, on the west bank of Sabine Pass, near the Louisiana border. Originally known as Sabine City, the original date of settlement of Sabine Pass is unknown, but is estimated at . This billion-dollar construction project will serve U.S. markets and is expected to import two billion cubic feet of natural gas a day by 2009. Golden Pass is part of the company's worldwide program to expand LNG imports to major markets. In addition to Golden Pass, construction of LNG terminals is proceeding in the United Kingdom and offshore Italy with additional facilities under consideration. With global energy demand expected to increase by almost 50 percent by 2030, and new supplies increasingly found far from the world's major consuming nations, Sakhalin-1, Golden Pass and these other new projects are vital links in an increasingly interdependent global energy supply network. Projects referenced in this release are part of ExxonMobil's ongoing capital construction program that will invest approximately $20 billion in major global projects in 2006 alone. (1) Excluding the impact of divestments and entitlement effects, ExxonMobil increased production 9 percent over the same period last year. CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including production rates and sales volumes; project plans, schedules, and capacities; and commercial arrangements could differ materially due to changes in long-term oil and gas price levels or other market conditions affecting the oil and gas industry; political or regulatory developments; reservoir performance; timely completion of development projects; technical or operating factors; the outcome of commercial negotiations; and other factors discussed under the heading "Factors Affecting Future Results" posted in the Investor Information section of our website (www.exxonmobil.com). References to quantities of oil and gas include volumes that are not yet classified as proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. but that we believe will be produced in the future. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion