ExxonMobil Announces Kazakhstan Oil Discovery

October 10, 2002 at 10:03 AM EDT
IRVING, Texas, Oct 10, 2002 (BUSINESS WIRE) -- Exxon Mobil Corporation (NYSE:XOM) announced today that its subsidiary, ExxonMobil Kazakhstan Inc., has participated in a new oil discovery in the Kazakhstan sector of the Caspian Sea.

It is located in the Kalamkas structural feature, around 50 miles (80 kms) southwest of the Kashagan East #1 discovery.

The Kalamkas-1 discovery well was spudded in August 2002. The well was drilled in 28 feet (8 meters) of water to a total depth of 7740 feet (2360 meters) and encountered an oil-bearing reservoir that flowed at a test rate of 2300 barrels of oil per day. Data analysis and additional studies are being conducted to fully evaluate this discovery.

In addition to ExxonMobil (16.67%), other companies involved in developing the North Caspian Sea PSA, which covers almost 1.4 million gross acres, are Eni (subsidiary Agip KCO is the operator - 16.67%), BG (16.67%), Inpex (8.33%), ConocoPhillips (Phillips Petroleum) (8.33%), Shell (16.67%), and TotalFinaElf (16.67%). ExxonMobil affiliates in Kazakhstan also hold a 25% interest in the giant Tengiz oil field and a 7.5% interest in the Caspian Pipeline Consortium. 

CONTACT:          Exxon Mobil Corporation
                  Marcia A. Zelinsky, 713/656-4376

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