Qatar Petroleum and Exxon Mobil Corporation (NYSE:XOM) will
celebrate the completion of RasGas Train 5 in Doha on March 20. RasGas
Company Limited is a joint venture owned by Qatar Petroleum (QP) and
ExxonMobil RasGas Inc.
RasGas Train 5, one of the largest LNG plants in the world, was
completed ahead of schedule in just 29 months and under budget. Train
5 is designed to produce 4.7 million tons per year (MTA) of LNG and
will supply gas into the northern European market.
"RasGas Train 5 is the third of its size to be built in Qatar.
Repeating a proven design is a part of ExxonMobil's overall investment
strategy that has paid off in cost and schedule savings in many recent
projects," said Stuart McGill, senior vice president of Exxon Mobil
Corporation.
RasGas operates five trains in Ras Laffan. In addition, RasGas is
constructing the world's largest trains ever built. Trains 6 and 7,
each with volumes of 7.8 MTA, are expected to startup in 2008 and
2009.
Technology is a key enabler to achieve the scale, the size and the
cost efficiencies of each train to significantly lower the unit cost
of producing LNG. In the space of about ten years, ExxonMobil's joint
venture facilities in Qatar will have grown to over 60 MTA,
contributing to Qatar becoming the world's largest LNG supplier. Qatar
Petroleum and ExxonMobil are also developing LNG regasification
terminals in the U.K., the U.S., and offshore Italy.
"We congratulate the many people whose efforts during the last
several years made the startup of Train 5 a success by any measure,"
stated McGill. "We commend RasGas for their world class safety
performance during the construction of Train 5."
Exxon Mobil Corporation, through its subsidiaries, has had a
presence in Qatar since 1935. In addition to LNG projects, Qatar
Petroleum and ExxonMobil are currently working together to diversify
the use of North Field gas, including the expansion of facilities to
deliver liquefied natural gas resources to targeted markets, and the
supply of pipeline gas to domestic customers.
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
1A of ExxonMobil's most recent Form 10-K and posted on our website
(www.exxonmobil.com). References in this release to quantities of gas
include amounts that may not yet be classified as proved reserves but
that we believe will ultimately be produced.
