Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
ExxonMobil Announces Successful Drilling of Point Thomson Wells
ANCHORAGE, Alaska, Oct 27, 2010 (BUSINESS WIRE) --
announced today that it has successfully drilled and tested the PTU-15
and PTU-16 development wells for the Point Thomson project on Alaska's
North Slope, ahead of the year-end 2010 target.
"The successful drilling and testing of these wells represents a
significant accomplishment and demonstrates we are delivering on our
commitments," said Alaska Production Manager Dale Pittman. "Many
Alaskans contributed to this milestone, completing work ahead of
schedule in a safe and environmentally responsible manner."
Point Thomson is a remote natural gas and condensate field located on
Alaska's North Slope, approximately 60 miles east of Prudhoe Bay. It is
estimated to hold about 25 percent of the North Slope's discovered gas
resources. Concurrent with the drilling of these two development wells,
activities are also focused on engineering and environmental permitting
which are critical for project development. To date about $1.5 billion,
including more than $730 million in the last two years, has been
invested in Point Thomson.
The Point Thomson project includes gas cycling facilities designed to
recover hydrocarbon liquids and re-inject natural gas back into the
reservoir, making Point Thomson the highest-pressure gas cycling
operation in the world.
"The project is providing jobs and investment in Alaska," said Pittman.
"We are continuing to work with the State of Alaska to resolve
outstanding issues in order to maintain the pace and momentum of Point
Thomson development. Point Thomson gas is critical to the success of an
Alaska gas pipeline project."
NOTES TO EDITORS
The two wells were drilled to a measured depth of over 16,000 feet.
The shore-based rig drilled directionally under the Beaufort Sea to
the targeted gas reservoir more than 1.5 miles offshore.
The Point Thomson reservoir is abnormally pressured in excess of
Over 150 companies have been working to safely advance development of
the field in an environmentally responsible manner.
Preparation of the Environmental Impact Statement and design work on
the facilities (known as Front End Engineering Design or "FEED") are
now well advanced.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans in
this release are forward-looking statements. Actual future results,
including resource recoveries, production rates, and project plans,
schedules, and costs 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 outcome of
negotiations; reservoir performance; timely completion of development
projects; technical or operating factors; and other factors discussed
under the heading "Factors Affecting Future Results" in the Investors
section of our website (www.exxonmobil.com)
and in Item 1A of our most recent Form 10-K. References to gas resources
and other quantities of oil and gas include amounts that are not yet
classified as proved reserves under U.S. SEC rules but that we believe
will be produced in the future.
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SOURCE: Exxon Mobil Corporation