Qatar Petroleum and ExxonMobil to Launch Barzan Gas Project

Qatar Petroleum and Exxon Mobil Corporation (NYSE:XOM) 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) 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 (HOA) 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 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 but that we believe will be produced in the future.