Agreement Reached on Gas Sale From Qatar to Kuwait

IRVING, Texas--(BUSINESS WIRE)--Jan. 14, 2002--Exxon Mobil Corporation announced today that its affiliate, ExxonMobil Middle East Gas Marketing Limited, the Kuwait Petroleum Corporation (KPC) and Qatar Petroleum (QP) have reached agreement in principle on key terms to supply Kuwait with Qatari gas. The gas to be supplied to Kuwait will be produced from the Enhanced Gas Utilization (EGU) project, which will be operated by ExxonMobil in Qatar's North Field. Nominal capacity of the EGU is 1.75 billion cubic feet per day (bcfd).

This agreement in principle is another step in establishing the principles and framework for developing a gas sales agreement between Qatar and Kuwait. The agreement in principle follows the Statement of Intent signed in May 2000 between Kuwait and Qatar, and the Memorandum of Understanding signed in July 2000 between KPC, QP and ExxonMobil.

Later this month a ceremony will take place for the signing of an official Protocol defining the general framework of the pipeline gas sale. The Protocol is expected to be signed by His Excellency Dr. Adel Khalid Al Sabeeh, Minister of Oil of Kuwait and Chairman of Kuwait Petroleum Corporation, and His Excellency Abdullah Bin Hamad Al Attiyah, Minister of Energy and Industry in Qatar and Chairman of Qatar Petroleum. Subject to obtaining all necessary approvals, the companies plan to negotiate a definitive Sales and Purchase Agreement during the coming months.

ExxonMobil is the world's largest non-government marketer of equity natural gas, with total equity sales of 10 bcfd, and total natural gas sales of 17 bcfd. The company has access to substantial gas resources in both established gas fields and new gas projects. Net discovered resources total more than 180 trillion cubic feet (tcf), including 56 tcf of proved gas reserves, providing a solid platform for profitable growth.

CAUTIONARY STATEMENT: Expectations, estimates, and business plans in this release are forward-looking statements. Actual future results, including project capacities and schedules, could differ materially due to changes in market conditions, changes in operating conditions, the outcome of commercial negotiations, and other factors described under the heading "Factors Affecting Future Results" in Item 1 of ExxonMobil's most recent Form 10-K. "Net discovered resources" include quantities of gas that are not yet classified as proved reserves but that we expect ultimately to produce. For convenience and simplicity, in this statement, the term "ExxonMobil" is used to refer to Exxon Mobil Corporation and sometimes as an abbreviated reference to specific affiliates.

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