ExxonMobil and Petronas Sign Agreement for New Production Sharing Contract
26 Mars 2008 - 6:47PM
Business Wire
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.
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