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MOBIL TO BEGIN CONDENSATE DELIVERIES FROM OSO IN NIGERIA BY YEAR END

 QUA IBOE TERMINAL, AKWA IBOM STATE, Nigeria, Dec. 15 /PRNewswire/ -- Mobil announced today that the first export cargo from the $1 billion Oso Condensate Project should be loaded by year end. The announcement was made here by Paul J. Hoenmans, president of Mobil's worldwide exploration and producing division, at the commissioning ceremonies of the new 100,000-barrel-a-day offshore production facility.
 General I. B. Babangida, President, Federal Republic of Nigeria, commissioned the project at ceremonies here attended by 1,500 guests from government, the international diplomatic corps, industry, and the Akwa Ibom State community.
 The Oso field is located in oil mining lease (OML) No. 70, some 35 miles offshore southeastern Nigeria and Mobil's Qua Iboe Terminal. The Oso Condensate Project comprises 21 wells, eight platforms, one single point mooring and 130 miles of offshore pipelines. In addition, the project has three dedicated storage tanks and loading facilities onshore at Qua Iboe Terminal. All these facilities are designed to handle peak production of 100,000 barrels of condensate a day.
 Total cost of the Oso Condensate Project is just under $1 billion. Contractors on the project were the MBJ multi-national consortium made up of McDermott Inc. of America, Bouygues Offshore of France, and JGC of Japan. Mobil's exploration and producing affiliate in Nigeria, Mobil Producing Nigeria Unlimited (MPN), is operator of the joint venture between Mobil (40 percent) and the Nigerian National Petroleum Corporation (60 percent).
 Mobil and NNPC met equity contributions in Oso for 35 percent, with the remaining 65 percent coming from the World Bank, the International Finance Corporation, the Export Import Bank of the United States, the Export Import Bank of Japan, the European Investment Bank, and commercial banks led by Morgan Guaranty Trust Company of New York, Union Bank of Switzerland, Banque Nationale de Paris and Credit Lyonnais. The Oso project is the first project the World Bank has ever sponsored in the Nigerian upstream petroleum industry.
 Mobil is the second largest producer of oil in Nigeria and this year, for the fifth consecutive year, recorded a production growth in excess of 10%. Mobil began operations in Nigeria in 1907 when a predecessor company marketed the Sunflower brand of kerosene. Exploration activities started in 1955 and the company had its first discovery in 1964. MPN, which employs approximately 1,050 people, began production in 1970 and has produced more than 1.5 billion barrels of oil. In addition to Oso, MPN currently has producing capacity of 350,000 barrels of crude a day. With projects under development, that crude producing capacity should increase to over 500,000 barrels a day by 1995.
 -0- 12/15/92
 /CONTACT: John Lord of Mobil, 703-846-2500/
 (MOB)


CO: Mobil Corporation ST: Virginia IN: OIL SU:

SH -- NY011 -- 7067 12/15/92 09:16 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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