Qatar Petroleum and ExxonMobil to Launch Barzan Gas Project.IRVING, Texas -- Qatar Petroleum and 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 Qatar Petroleum has offered participation in the Barzan gas project and rights for participation in all future phases of the project to ExxonMobil Middle East Marketing Ltd. (ExxonMobil). In parallel with these discussions, the two entities have collectively decided not to progress the Gas to Liquids (GTL GTL - Gunning Transceiver Logic ) project and instead to pursue the development of the Barzan Project in the North Field. The initial phase of the Barzan project will supply domestic gas to meet the State of Qatar's infrastructure and industry growth. Qatar Petroleum and ExxonMobil have agreed to form a joint venture to oversee the project development. "The Barzan Project is a very important strategic project for Qatar," said H.E. Abdullah bin Hamad Al-Attiyah, Second Deputy Premier, Minister of Energy and Industry and Chairman of Qatar Petroleum. "We welcome ExxonMobil as our partner in the Project." Stuart McGill, Senior Vice President of Exxon Mobil Corporation, said, "We understand that the Barzan Project is a priority for the State of Qatar. We are pleased to have been the only international oil company selected to participate in the Barzan Project and look forward to continuing our successful partnership with Qatar Petroleum." Qatar Petroleum and ExxonMobil have signed a Statement of Participation Principles for the Barzan Project and a Heads of Agreement Heads of Agreement A non-binding document outlining the main issues relevant to a tentative partnership agreement. Notes: It is the draft used by lawyers when drawing up the contract. It serves as a guideline for both parties before any documents are legalized. (HOA HOA see hypertrophic osteopathy. ) for all future phases of the Barzan Project. It is expected that the initial phase of the Barzan Project will yield about 1.5 billion cubic feet per day of sales gas with the startup anticipated in the year 2012. CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including production rates and sales volumes, cost efficiencies, project plans, schedules, and costs, 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" 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 website (www.exxonmobil.com). References to volumes of oil, gas, and resources include quantities of oil and gas 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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