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MOBIL REACHES AGREEMENT ON NIGERIAN OFFSHORE BLOCK

 FAIRFAX, Va., June 2 /PRNewswire/ -- Mobil Corporation (NYSE: MOB) announced today that its Nigerian exploration and producing unit has signed a production sharing agreement with the Nigerian National Petroleum Corporation on a new offshore block.
 The agreement gives Mobil Producing Nigeria Unlimited the right to explore the 565,000 acre block OPL (Oil Prospective Lease) 221. It is located 50 miles offshore and 10 miles southwest of current Mobil producing operations and lies in water depths ranging from 600 to 3,000 feet. Geologic and geophysical work on the block will start in the near future.
 Mobil Chairman Allen E. Murray said the agreement is another step in the significant business relationship which has developed between Mobil and the Government and people of Nigeria.
 Mobil is active in both upstream and downstream sectors of oil industry operations in Nigeria. A predecessor company first started conducting business in Nigeria in 1907 by marketing the Sunflower brand of kerosene. Today its marketing affiliate, Mobil Oil Nigeria plc., employs about 425 people and has 200 service stations, and markets a full range of retail and commercial lubes.
 Mobil began exploration activities in Nigeria in 1955 and made its first discovery in 1961. Mobil Producing Nigeria Unlimited is the operator of the joint venture between Mobil (40 percent) and the Nigerian National Petroleum Corporation (60 percent). MPN employs more than 1,000 people and produces over 400,000 barrels a day of oil and condensate. MPN's Oso condensate field came on stream in December 1992 at a cost of $900 million. Production is about 100,000 barrels daily.
 -0- 6/2/93
 /CONTACT: John Lord of Mobil, 703-846-2500/
 (MOB)


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

WB -- NY034 -- 4413 06/02/93 11:13 EDT
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Publication:PR Newswire
Date:Jun 2, 1993
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