ExxonMobil Starts Production at Southern Expansion Project Offshore Equatorial Guinea.Energy Editors/Business Editors IRVING, Texas--(BUSINESS WIRE)--July 30, 2003 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, Mobil Equatorial Guinea, Inc. (MEGI), has started production from the Southern Expansion Area (SEA) of the Zafiro field, offshore Equatorial Guinea. The SEA project, utilizing a Floating Production, Storage and Offloading (FPSO FPSO Floating Production Storage and Off-loading (shipping & oil industry) FPSO Foster Parent Society of Ontario FPSO Fleet Publication Supply Office ) vessel and subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". well infrastructure, is expected to recover more than 150 million barrels of oil. Production through the FPSO is expected to add about 110,000 barrels of oil per day to current Zafiro production, increasing the total field capacity to 300,000 barrels of oil a day. "The Zafiro expansion project is the second deployment of ExxonMobil's Early Production System (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) offshore West Africa and another example of our leadership in project management and execution. By utilizing an EPS we were able to bring the project on-stream in just 19 months," said Morris Foster, president, ExxonMobil Development Company. ExxonMobil's continued investment in hydrocarbon development and in the community provides direct and indirect economic benefits and opportunities for the development and employment of nationals in construction, drilling and production operations. The Zafiro field, located on Block B, is approximately 40 miles (65 kilometers) northwest of Malabo in water depths of 1400-2800 feet (425-850 meters). Production from the Zafiro field began in August 1996. Participants in Block B are ExxonMobil's subsidiary, Mobil Equatorial Guinea, Inc. (operator, 71.25 percent), Devon Energy Corporation (23.75 percent), and the Government of Equatorial Guinea (5 percent). ExxonMobil is the largest oil producer in Equatorial Guinea, operating two blocks covering approximately 1.2 million acres offshore the island of Bioko. CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including resource recoveries, production rates, and project plans and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry, political developments, 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and posted on our Web site (www.exxonmobil.com). References to quantities of oil and gas include amounts 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. |
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