Exxon Mobil Corporation´s (NYSE:XOM) technology leadership has
resulted in another world record-setting well at the Sakhalin-1 oil
project in eastern Russia, enabling the production of more energy
while reducing the impact on the environment.
The well was drilled from land, using the world´s most powerful
land-based rig and employing extended-reach technology, to a target
area in the oil reservoir located under the ocean about 7 miles or 11
kilometers from shore - roughly the distance of 125 U.S. football
fields.
"This drilling success has contributed to other Sakhalin-1 project
achievements, including the commencement of production five years
after the project was declared commercial and 100 marine tanker
shipments in the first year of export operations," said Morris Foster,
president, ExxonMobil Production Company.
"Employing extended-reach technology to drill onshore beneath the
seafloor to offshore oil and gas deposits eliminates the need for
additional offshore structures, pipelines and associated activities,"
said Foster.
The project team at Sakhalin-1, which is operated by the
corporation´s subsidiary in Russia, Exxon Neftegas Limited, used
ExxonMobil´s leading-edge technologies to drill the record Z-12 well
in half the time needed by conventional technology.
ExxonMobil used its Integrated Hole Quality technology to manage a
broad range of well variables, including rock strength and stresses
and well-bore hydraulics, together with an optimization process called
Fast Drill, which analyzes the amount of energy used to make the
drilling process faster and more efficient.
The Z-12 well is located in the Chayvo field, which contains 17 of
the world´s 30 longest extended reach drilling wells, and set a record
by achieving a measured depth of 38,322 feet (11,680 meters), or more
than seven miles. This exceeds by 1,306 feet (398 meters) the prior
world record set in 2007 by Exxon Neftegas Limited´s Z-11 well at the
Sakhalin-1 project.
Over the life of the project, Sakhalin-1 is expected to contribute
over US$50 billion to Russia´s economy in taxes, royalty payments and
the state´s share of oil production. The project currently has awarded
over US$4.4 billion in contracts to Russian companies. The proportion
of Russian nationals working in project operations will approach 90
percent of the workforce as they are trained and gain experience.
Exxon Neftegas Limited (30 percent interest) is operator for the
Sakhalin-1 project, which includes the Japanese company Sakhalin Oil
and Gas Development Co. Ltd., (30 percent); affiliates of Rosneft, the
Russian state-owned oil company, RN-Astra (8.5 percent),
Sakhalinmorneftegas-Shelf (11.5 percent); and the Indian state-owned
oil company ONGC Videsh Ltd. (20 percent).
More information about the Sakhalin-1 Project is available at:
http://www.exxonmobil.com/Corporate/news_publications_sakhalin.aspx
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 and
schedules, could differ materially due to changes in market conditions
affecting the oil and gas industry or long-term oil and gas price
levels; 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" in the Investor Information section of our
website (www.exxonmobil.com) and in Item 1A of our most recent Form
10-K. References to "resources", "barrels of oil", and similar terms
include quantities of oil and gas that are not yet classified as
proved reserves but that we believe will be produced in the future.
