Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
ExxonMobil Announces Uge Deepwater Discovery Offshore Nigeria
IRVING, Texas--(BUSINESS WIRE)--May 16, 2006--Exxon Mobil
Corporation (NYSE:XOM) announced today that its subsidiary, Esso
Exploration and Production Nigeria Deepwater West, Ltd. (Esso), has
drilled an oil discovery in Oil Prospecting License (OPL) 214,
approximately 70 miles (113 kilometers) offshore Nigeria.
The Uge-1 discovery well was drilled in 4,144 feet (1,263 meters)
of water to a total depth of 16,831 feet (5,130 meters) and
encountered more than 300 net feet (100 meters) of oil. The Uge
structure is located approximately 90 miles (145 km) south-southeast
of the Erha deepwater development. Studies and data analyses are under
way to fully evaluate the discovery and development options for Uge.
Esso is the operator of OPL 214 with a 20 percent working
interest. Other working-interest owners are Chevron Nigeria Deepwater
B Limited at 20 percent, Phillips Deepwater Exploration (Nigeria)
Limited (a subsidiary of ConocoPhillips) at 20 percent, Oxy Nigeria
Exploration & Production Limited (a subsidiary of Occidental Petroleum
Corporation) at 20 percent, Nigerian Petroleum Development Company at
15 percent, Sasol Exploration and Production Nigeria Limited at 5
percent and Nigerian National Petroleum Corporation (NNPC) is the
concessionaire. Uge-1 represents the first discovery on the license.
ExxonMobil is a leader in the discovery and development of
deepwater hydrocarbon resources in West Africa, where it has interests
in 17 blocks totaling more than 10 million gross acres. The company
has a leading position in nearly all the major exploration and
production areas in the world and the industry's strongest portfolio
of proprietary geoscience and engineering technology.
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 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" on our website (www.exxonmobil.com).
Bob Davis, 713-656-4376
SOURCE: Exxon Mobil Corporation