ExxonMobil Angola Affiliate Makes Thirteenth Deepwater Oil Discovery on Angola Block 15
The discovery well, named Reco Reco-1, encountered an oil-bearing reservoir that flowed at a test rate of 2,640 barrels per day. It was drilled in 4,718 feet (1,438 meters) of water to a total depth of 12,460 feet (3,798 meters). It is located 240 miles (385 km) northwest of Luanda.
Esso and Sonangol have previously announced twelve Block 15 discoveries with Hungo, Kissanje, Marimba and Dikanza in 1998, Chocalho and Xikomba in 1999, Mondo, Saxi and Batuque in 2000, and Mbulumbumba, Vicango and Mavacola in 2001.
Block 15 represents a world-class development opportunity with the potential to recover in excess of 3.5 billion oil equivalent barrels. In August 2001, ExxonMobil announced that it had begun construction of the largest deepwater development offshore West Africa. The $3 billion Kizomba A project is expected to recover approximately one billion barrels of oil at a target production rate of 250,000 barrels per day. First oil from Kizomba A is scheduled for 2004.
In June 2002, ExxonMobil announced that it had begun construction of the Xikomba deepwater development in Block 15. Xikomba is expected to recover approximately 100 million barrels of oil with a target production rate of 80,000 barrels per day. First oil from Xikomba is scheduled for late 2003.
In addition to Esso (operator, 40 percent), other participants in Block 15 are BP Exploration (Angola) Limited (26.67 percent), Agip Angola Exploration B.V. (20 percent) and Statoil Angola (13.33 percent). Sonangol is the concessionaire.
CAUTIONARY STATEMENT: Estimates, expectations, targets, 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, 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 recoverable resources include quantities of discovered oil and gas that are not yet classified as proved reserves but that we believe will be produced in the future.
CONTACT: ExxonMobil, Irving
Marcia Zelinsky, 713/656-4376
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