Exxon Mobil Corporation (NYSE:XOM) today confirmed that its
subsidiary, ExxonMobil Libya Limited, has signed an Exploration and
Production Sharing Agreement (EPSA) with Libya's National Oil
Corporation (NOC) to initiate exploration activity offshore Libya in
the Sirte Basin.
The agreement includes four blocks located in Contract Area 20,
approximately 100 miles off the Libyan coast, which were awarded to
ExxonMobil in the third round of EPSA IV licensing in December. The
contract area comprises 2.5 million acres and is situated in water
depths ranging from approximately 4,000 feet to more than 6,500 feet.
"We are pleased that we were awarded a contract area for
exploration," said Phil Goss, president and general manager of
ExxonMobil Libya Limited. "ExxonMobil has a long history of successful
achievements in Libya and we look forward to working together with the
NOC and Libyan government for renewed success with these new areas."
Elsewhere in Libya, ExxonMobil is in the very early stages of an
exploration program in Contract Area 44 in the offshore Cyrenaica
Basin, which was awarded to the company in the second round of EPSA IV
licensing in 2005. To date, the company has completed an Environmental
Impact Assessment (EIA), met with local stakeholders and is conducting
a 2D seismic acquisition program.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future results,
including project plans, could differ materially depending on the
outcome of initial exploration, the outcome of commercial
negotiations, changes in law or government policy, and other factors
discussed under the caption "Factors Affecting Future Results" in item
1 of ExxonMobil's most recent 10-K and available on the Investor
Information section of our website at www.exxonmobil.com.
