ExxonMobil Enters into Farm-in Agreement to Explore Deepwater Potential off Philippine Islands
05 Décembre 2006 - 5:29PM
Business Wire
Exxon Mobil Corporation (NYSE:XOM) announced today that its
subsidiary, Esso Exploration International Limited, and Mitra
Energy Limited (MEL) have entered into an agreement to explore for
hydrocarbons in the deepwater Sandakan Basin southwest of the
Philippine Islands. Under terms of the recently signed farm-in
agreement, an ExxonMobil affiliate has acquired a 50 percent
operating interest in Block SC 56. MEL retains a 50 percent equity
interest in the block and will operate the 2D seismic acquisition
phase of the exploration program. "We are pleased to add this
prospective acreage to our global portfolio and to have this
opportunity to enter the oil and gas industry in the Philippines,"
said Steve Greenlee, vice president of Esso Exploration
International Limited. "We look forward to working with Mitra as we
explore for potential commercial resources in the block." The oil
exploration agreement covers approximately two million acres and is
subject to approval by the Philippines Department of Energy. "This
agreement aligns with our global business strategy to pursue
business opportunities around the world that meet our investment
criteria," stated Greenlee. Exxon Mobil Corporation is a leading
international energy company whose subsidiaries have operations in
nearly 200 countries and territories around the world. In the
Asia-Pacific region, ExxonMobil has major exploration and
production operations in Australia, Indonesia, Malaysia and Papua
New Guinea. The company also has a significant refining and
marketing presence in more than 12 countries in the region.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future
results, including 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; the results of exploration; the outcome
of commercial negotiations; 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. Exxon Mobil Corporation (NYSE:XOM)
announced today that its subsidiary, Esso Exploration International
Limited, and Mitra Energy Limited (MEL) have entered into an
agreement to explore for hydrocarbons in the deepwater Sandakan
Basin southwest of the Philippine Islands. Under terms of the
recently signed farm-in agreement, an ExxonMobil affiliate has
acquired a 50 percent operating interest in Block SC 56. MEL
retains a 50 percent equity interest in the block and will operate
the 2D seismic acquisition phase of the exploration program. "We
are pleased to add this prospective acreage to our global portfolio
and to have this opportunity to enter the oil and gas industry in
the Philippines," said Steve Greenlee, vice president of Esso
Exploration International Limited. "We look forward to working with
Mitra as we explore for potential commercial resources in the
block." The oil exploration agreement covers approximately two
million acres and is subject to approval by the Philippines
Department of Energy. "This agreement aligns with our global
business strategy to pursue business opportunities around the world
that meet our investment criteria," stated Greenlee. Exxon Mobil
Corporation is a leading international energy company whose
subsidiaries have operations in nearly 200 countries and
territories around the world. In the Asia-Pacific region,
ExxonMobil has major exploration and production operations in
Australia, Indonesia, Malaysia and Papua New Guinea. The company
also has a significant refining and marketing presence in more than
12 countries in the region. CAUTIONARY STATEMENT: Estimates,
expectations, and business plans in this release are
forward-looking statements. Actual future results, including
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; the results of exploration; the outcome of commercial
negotiations; 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.
Exxon Mobil (NYSE:XOM)
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