IRVING, Texas--(BUSINESS WIRE)--Nov. 20, 2007--Exxon Mobil
Corporation (NYSE:XOM) today said that its subsidiary, ExxonMobil
Libya Limited, signed a heads of agreement to execute an Exploration
and Production Sharing Agreement (EPSA) with Libya's National Oil
Corporation to initiate exploration activity offshore Libya in the
The agreement includes four blocks located in Contract Area 21,
approximately 110 miles off the Libyan coast. The contract area
comprises 2.5 million acres and is situated in water depths ranging
from approximately 5,400 feet to ultra deep areas of more than 8,700
ExxonMobil Libya Limited committed to a five-year work program
consisting of at least 4,000 kilometers of 2D seismic acquisition,
2,000 square-kilometers of 3D seismic, and one deepwater exploration
well. The agreement also stipulates the payment of a signing fee, a
training program to help upgrade the skills of nationals and other
support for education in Libya.
"We are pleased that we have reached an agreement with National
Oil Corporation of Libya in Contract Area 21 as we believe this to be
one of the most prospective unlicensed areas in the Libyan offshore,"
said Phil Goss, president and general manager of ExxonMobil Libya
Limited. "We expect to realize substantial technical, operational and
cost reduction synergies with ExxonMobil deepwater exploration efforts
in the adjacent Contract Area 20."
Elsewhere in Libya, ExxonMobil has completed an Environmental
Impact Assessment and a 2D seismic acquisition program in Contract
Area 44 in the offshore Cyrenaica Basin, which was awarded to the
company in the second round of EPSA IV licensing in 2005. The company
has commenced a substantial seismic program in Contract Area 20 in the
Sirte Basin, which was awarded to the company in the third round of
EPSA IV earlier in 2007.
"ExxonMobil has a long history of upstream achievements in Libya
and we are very pleased to be taking this next step to re-establishing
ExxonMobil as a significant partner with the National Oil Corporation
for renewed collaboration in exploration and production new ventures,"
said Tim Cejka, president of ExxonMobil Exploration Company.
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 outcome of exploration projects; 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
Len D'Eramo, 713-656-4376
SOURCE: Exxon Mobil Corporation