Exxon Mobil Corporation (NYSE:XOM) announced today that its
subsidiary, Esso Exploration Angola (Block 15) Limited, has started
production from the Marimba North project, designed to develop 80
million barrels of oil in approximately 3,900 feet (1,300 meters) of
water more than 90 miles (145 kilometers) off the coast of Angola.
The Marimba North project is a tie-back to the Kizomba A
development and has come on stream ahead of schedule and within
budget. Major components of the Marimba North project include subsea
wells, a single drill center, 30 kilometers of flowlines and a unique
riser system which ties the production flowline into the existing
Kizomba A Tension Leg Platform. The Marimba North production and
control facilities have been integrated with the existing Kizomba A
development to effectively and cost efficiently utilize the existing
field facilities. This milestone was achieved safely without any
production impact to the Kizomba A operations.
Marimba North is one of seven major start-ups for ExxonMobil in
2007, which will increase the company's production of oil and gas, and
help meet the growing global demand for energy. The project will add
about 40,000 barrels per day of peak production capacity to the
existing Block 15 production, which includes the Xikomba, Kizomba A
and Kizomba B developments. With the addition of Marimba North, Block
15 will produce about 540,000 barrels of oil per day with combined
estimated recoverable resources of 2 billion barrels of oil. A fourth
Block 15 development, the Kizomba C project, is planned to develop an
additional 600 million barrels in the Mondo, Saxi and Batuque fields.
"The Marimba project demonstrates our commitment to helping meet
the world's growing need for energy through timely and cost-efficient
development of new capacity," said Mark Albers, senior vice president
of Exxon Mobil Corporation. "The project is a good example of
ExxonMobil's ability to integrate innovative technical solutions with
detailed execution planning, which maximizes the value of the resource
for our shareholders and the government of Angola."
Like other Block 15 developments, the Marimba project encompassed
a contracting and construction effort that spanned several continents
and involved activities in eight nations. More than $70 million has
been spent on local Angolan goods and services including contracts for
in-country fabrication, logistics support, training, and development
of Angolan personnel. These contracts have resulted in sustained
growth for Angolan capacity and expertise to support future oil and
gas developments.
ExxonMobil holds interests in four offshore deepwater blocks in
Angola covering more than 3 million gross acres with a resource base
now estimated at nearly 13 billion oil-equivalent barrels (gross).
In addition to Esso (operator, 40 percent), other participants in
Block 15 are BP Exploration (Angola) Limited (26.67 percent), ENI
Angola Exploration B.V. (20 percent) and Statoil Angola (13.33
percent). Sonangol is the Concessionaire.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future results,
including resource recoveries, production rates, and project plans,
schedules, and costs, 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; 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 recoverable resources, the
resource base, and expected development or recovery amounts include
quantities of oil and gas that are not yet classified as proved
reserves but that we believe will be produced in the future.