ExxonMobil Exploration and Production Malaysia Inc., a subsidiary
of Exxon Mobil Corporation (NYSE:XOM), and the Malaysian national oil
company, PETRONAS, will continue to work together to help ensure
sustainable energy supplies for Malaysia under a planned new 25-year
production sharing contract.
At the signing ceremony today for the main principles agreement
for the new contract, Mark Albers, senior vice president, Exxon Mobil
Corporation, said, "We are proud of our partnership and collaboration
with PETRONAS that have allowed us to develop and deliver energy
supplies to help meet growing Malaysian and international energy
needs.
"This agreement will let our partnership continue to grow and
enable the use of ExxonMobil world-class technologies and project
execution capabilities to efficiently develop the substantial
petroleum resources offshore Peninsular Malaysia."
The contract includes commitments to implement significant
enhanced oil recovery activities and for major investments to continue
conventional oil development.
The ExxonMobil subsidiary has invested more than US$15 billion in
Malaysia over the past 40 years. The company operates 43 platforms in
17 fields as one of Malaysia´s major suppliers of crude oil and
natural gas. Daily operated production is about 150,000 barrels
(gross) of oil and approximately 1.2 billion cubic feet (gross) of
natural gas. About 96 percent of the affiliate´s 1,150 employees are
Malaysian nationals.
About ExxonMobil Exploration and Production Malaysia
Subsidiaries and predecessors of Exxon Mobil Corporation have
operated in Malaysia for 115 years. ExxonMobil Exploration and
Production Malaysia Inc. currently operates under six production
sharing contracts with the Malaysian national oil company, PETRONAS.
Esso Malaysia Berhad (EMB) is a significant refiner and marketer of
high-quality petroleum products to retail and industrial customers.
Additionally, EMB is one of the largest suppliers of liquefied
petroleum gas to Malaysian residential, business and industrial
sectors. Another affiliate supplies a portfolio of specialty chemical
products to the growing marketplace in Malaysia.
About PETRONAS
PETRONAS, the acronym for Petroliam Nasional Berhad, is
wholly-owned by the Malaysian government and is vested with the
ownership and management of the country´s hydrocarbon resources. A
Fortune 500 company, PETRONAS is actively engaged in the various
spectra of the oil and gas and related activities in more than 30
countries worldwide. In Malaysia, its upstream activities are
undertaken and managed through production sharing contracts with a
number of international oil and gas companies as well as with
subsidiary PETRONAS Carigali Sdn Bhd.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future results,
including resource recoveries, capital expenditures, 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" include quantities of oil and gas
that are not yet classified as proved reserves but that we believe
will ultimately be produced.
