ExxonMobil Signs Agreements for Upper Zakum Oil Field Participation(Graphic: Business Wire)
27 Mars 2006 - 3:40PM
Business Wire
Exxon Mobil Corporation (NYSE:XOM) and subsidiaries have signed
agreements today with Abu Dhabi National Oil Company (ADNOC)
through which ExxonMobil Abu Dhabi Offshore Petroleum Company
Limited (EMAD) receives a 28 percent undivided interest out of
ADNOC's 88 percent interest in the Upper Zakum Oil Field. This will
leave ADNOC with a 60 percent interest and Japan Oil Development
Company Limited (JODCO) will continue to hold the remaining 12
percent interest. ExxonMobil was selected from an initial field of
six competing companies based on demonstration of its technical
capabilities. Upper Zakum is one of the world's largest oil fields,
contributing significantly to Abu Dhabi's current production, and
with potential for substantial production growth. ExxonMobil, with
ADNOC and JODCO, will provide support to the joint operating
company, Zakum Development Company (ZADCO), in pursuing the
objective of increasing production by about 50 percent to a target
of 750,000 barrels per day. ExxonMobil has participated in Abu
Dhabi's petroleum business for more than sixty-five years. In these
agreements, ExxonMobil commits to develop, supply, support and
apply technologies to maximize ultimate recovery from Upper Zakum
reservoirs. The company will establish an ExxonMobil Technology
Center in Abu Dhabi to apply industry's most advanced technology to
Upper Zakum in areas of reservoir management, well management and
production operations. ExxonMobil will also provide support for
training and personnel development, including access to its
world-class Upstream Training and Technology Center in Houston.
ExxonMobil also agreed to assist in establishing a specialized
research and development facility at the Petroleum Institute, the
leading technical university in Abu Dhabi. "ExxonMobil is deeply
honored to have this opportunity to participate in the Upper Zakum
field," said Rex Tillerson, chairman and chief executive officer of
Exxon Mobil Corporation. "We look forward to joining the already
strong ZADCO team and to supplementing and enhancing the technology
and capabilities of ZADCO and its shareholders. We also look
forward to cooperating closely with ADNOC in the areas of training
and development of human resources." CAUTIONARY STATEMENT:
Estimates, expectations, and business plans in this release are
forward-looking statements. Actual future results, including
resource recoveries, production capacities, and project plans and
schedules, could differ materially due to changes in long-term oil
and gas price levels or other market conditions affecting the oil
and gas industry; the outcome of commercial negotiations; political
or regulatory developments; reservoir performance; technical or
operating factors; and other factors discussed under the heading
"Factors Affecting Future Results" posted on the Investor
Information section of ExxonMobil's website (www.exxonmobil.com)
and included in Item 1A of our most recent Form 10-K.
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