ExxonMobil Subsidiary Begins Pipeline Fill Operations on Chad Cameroon Project.Energy Editors/Business Editors IRVING, Texas--(BUSINESS WIRE)--July 28, 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 that its subsidiary, Esso Exploration and Production Chad, Inc. began pipeline fill operations on the Chad-Cameroon Oil Development and Pipeline Project on July 24, 2003. The pipeline has been completed one year ahead of the original schedule, along with facilities for one of the three oil fields under development. The pipeline extends 660 miles from the oilfields in southern Chad to a Floating, Storage and Offloading (FSO (Free Space Optics) Transmitting optical signals through the air using infrared lasers. Also known as "wireless optics," FSO provides point-to-point and point-to-multipoint transmission at very high speeds without requiring a government license for use of the spectrum. ) vessel located seven miles offshore Kribi, Cameroon, in the Gulf of Guinea Noun 1. Gulf of Guinea - a gulf off the southwest coast of Africa Bioko - an island in the Gulf of Guinea that is part of Equatorial Guinea Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa . Construction will continue on the central treating facilities in Chad and full production is targeted to start by year-end 2003. Drilling operations are continuing on the remaining two fields. When completed, production of 225,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. is anticipated from the wells and facilities in these fields. "To date, the project's overall worker safety record has been exemplary, with over 50 million hours worked without a lost time accident on project construction and drilling sites," said Rex Tillerson, senior vice president, Exxon Mobil Corporation. To highlight the start of pipeline operations, project inauguration ceremonies will be held in Chad late September and in Cameroon in late October. The project represents an unprecedented effort in the areas of socioeconomic planning and public consultation. The consultation process, which began in 1993, has provided the opportunity for tens of thousands of citizens to have input into the planning. In addition, multiple levels of monitoring by external groups has verified the project's compliance with its commitments under the Environmental and Socioeconomic Management Plans. The Consortium developing the project is comprised of subsidiaries of ExxonMobil (operator, 40 percent interest), Petronas (35 percent interest) and ChevronTexaco (25 percent interest). 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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