ExxonMobil Announces Start of Sakhalin-1 Exports; Newest Milestone in Company's Effort to Increase World Energy Supplies
07 Septembre 2006 - 6:20PM
Business Wire
Exxon Mobil Corporation (NYSE:XOM) announced today that its
subsidiary, Exxon Neftgas Limited, has commissioned the crude oil
export system for the multiphase Sakhalin-1 project offshore
Russia, bringing to eight the total of ExxonMobil-operated startups
within the last 12 months. These significant projects, located in
the North Sea, Malaysia, Qatar and in West Africa, are expected to
deliver peak gross rates in excess of 1,000,000 barrels a day of
oil and more than 1.5 billion cubic feet of daily gas to world
energy markets. In addition, last month ExxonMobil and its partners
announced the start of construction of a new LNG terminal on the
Texas Gulf Coast that will help meet growing U.S. natural gas
demand. First oil for Sakhalin-1 began flowing into the export
system on August 29, and it is expected the initial tanker will
begin loading at the newly-constructed DeKastri terminal this
month. Oil production should ramp up to an estimated peak rate of
250,000 barrels a day by the end of 2006, following completion of
the Onshore Processing Facility. In addition to the terminal, the
export project includes a 24-inch, 140 mile pipeline and a tanker
loading facility designed for year-round crude oil transport. "The
startup of Sakhalin-1 exports will provide additional needed energy
supplies to the expanding economies of Asia and to other global
customers," said Stuart McGill, senior vice president of Exxon
Mobil Corporation. "This project is another example of a long-lead
time, technology intensive development brought to fruition this
past year to help address the world's ever-growing energy demand."
ExxonMobil has increased daily oil and gas production during the
second quarter 2006 by 6 percent compared to the same period last
year(1). This additional supply is from developments such as
Kizomba B offshore Angola; Yoho, Erha and the Additional Oil
Recovery project offshore Nigeria; Ras Gas Train 4 and the Al
Khaleej Gas project in Qatar; the Arthur project in the U.K. sector
of the North Sea; the Guntong Hub in Malaysia; as well as others in
which the company holds interest. Last month, ExxonMobil and its
co-venture partners Qatar Petroleum and ConocoPhillips, announced
the start of construction of the Golden Pass Liquefied Natural Gas
(LNG) terminal in Sabine Pass, Texas. This billion-dollar
construction project will serve U.S. markets and is expected to
import two billion cubic feet of natural gas a day by 2009. Golden
Pass is part of the company's worldwide program to expand LNG
imports to major markets. In addition to Golden Pass, construction
of LNG terminals is proceeding in the United Kingdom and offshore
Italy with additional facilities under consideration. With global
energy demand expected to increase by almost 50 percent by 2030,
and new supplies increasingly found far from the world's major
consuming nations, Sakhalin-1, Golden Pass and these other new
projects are vital links in an increasingly interdependent global
energy supply network. Projects referenced in this release are part
of ExxonMobil's ongoing capital construction program that will
invest approximately $20 billion in major global projects in 2006
alone. (1) Excluding the impact of divestments and entitlement
effects, ExxonMobil increased production 9 percent over the same
period last year. CAUTIONARY STATEMENT: Estimates, expectations,
and business plans in this release are forward-looking statements.
Actual future results, including production rates and sales
volumes; project plans, schedules, and capacities; 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" posted in the Investor
Information section of our website (www.exxonmobil.com). References
to quantities of oil and gas include volumes that are not yet
classified as proved reserves but that we believe will be produced
in the future.
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