IRVING, Texas--(BUSINESS WIRE)--Dec. 17, 2003--

       Address at Washington, D.C. Ministerial Summit Focuses on
                   Harnessing Full Potential of LNG

In his address today to the Liquefied Natural Gas (LNG) Ministerial Summit in Washington, D.C., ExxonMobil Chairman and CEO Lee R. Raymond outlined a number of challenges to harnessing the full potential of LNG, calling for consistent and complete policies that, when encouraging the use of natural gas, must also address the need for additional gas supplies, including LNG. Stating that most of the gas North America will consume six years from now is not yet in production, Raymond emphasized that economic development of diverse supplies is needed to meet growing energy demand and to replace inevitable declines in existing production.

Raymond said consumers need all the gas they can get from all possible sources, referencing ExxonMobil's $12 billion project with Qatar Petroleum to supply LNG to the United States for a 25-year period and the company's long-term 1.2 bcfd LNG production activities in Indonesia to supply Asia Pacific markets. "Consuming countries need to recognize that they have an important role to play in facilitating timely energy development," Raymond added. "They can do this by creating reasonable regulatory regimes that will allow facilities to be designed and built without undue delay or unnecessary cost and relying on free competition and market solutions to meet future demand."

Raymond asserted that countries can facilitate development by fostering an environment conducive to large, long-term investments in the infrastructure needed to meet growing demand in Asia Pacific, Europe, and North America, along with provision of a stable legal framework, predictable tax structure, sanctity of contracts, an impartial court system, respect for intellectual property, elimination of duties, transparency in procurement, and workforce security. "Working together," Raymond said, "governments and national oil companies can play a constructive part by encouraging and facilitating the growth in capacity that will be crucial to satisfying the world's demand for energy over the coming decades." From an environmental standpoint, he noted, "The benefits of natural gas make it attractive for both the manufacturing sector and for power generation throughout the world."

In the U. S., Raymond said, "Government agencies at all levels of governance must rise to the challenge and facilitate terminal development," adding cooperative relationships between project developers and local, state, and federal government entities are prerequisite for the efficient permitting and approval of new LNG infrastructure being pursued by ExxonMobil and other companies. Acknowledging that LNG technology is new and potentially uncertain to those outside of the industry, Raymond stressed, "Nothing is more important to our industry than the safety and health of our employees and the people with whom we come in contact in the conduct of our business. We need to communicate that message to the public, make clear our commitment to operating safely, and discuss the management systems we have in place to ensure that the highest standards are met."

In addition to operations integrity, Raymond recognized technology as a critical component of LNG's successful future, particularly in regard to the efficiencies and cost savings it continues to generate.

In conjunction with joint-venture partners, ExxonMobil's engineers have helped build some of the world's largest LNG plants, including two in Qatar, which will ship nearly 10 million tons of LNG per year. Utilization of new gas technology has contributed to efficiency gains in liquefaction, transportation, and regasification. Recent advances in LNG ship size and terminal tank design have produced cost savings of more than 30 percent since the late 1990s.

"We must work for a future in which the immediate development of new resources and flexibility in fuel choices provide more balance to the North American natural gas supply and demand equation," Raymond concluded. "With so much at stake, failure is not an option."

CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including project plans, schedules, and cost; LNG production; and technological advances could differ materially due to changes in market conditions affecting the oil and gas industry; political developments; technical or operating factors; and other factors discussed under the heading "Factors Affecting Future Results" included in Item 1 of ExxonMobil's most recent Form 10-K and posted on our website (www.exxonmobil.com). References to quantities of oil and gas include amounts that are not yet classified as proved reserves but that we believe will be produced in the future.

    CONTACT: ExxonMobil
             Bob Davis, 713-656-7544

    SOURCE: Exxon Mobil Corporation