ExxonMobil Kazakhstan Subsidiary Participates in North Caspian Discovery

July 27, 2004 at 11:03 AM EDT

IRVING, Texas--(BUSINESS WIRE)--July 27, 2004--Exxon Mobil Corporation (NYSE:XOM) today announced that its subsidiary, ExxonMobil Kazakhstan Inc, has participated in a new discovery in the North Caspian Production Sharing Agreement (NCPSA) contract area. The first exploration well on the Kairan prospect was completed successfully and encountered hydrocarbon bearing intervals. Additional evaluation will be required to determine if the hydrocarbon accumulation is commercially viable.

Kairan is the fifth discovered field on the NCPSA following Kashagan, Kalamkas, Kashagan Southwest, and Aktote. The world-class Kashagan discovery was announced in 2000 and declared commercial in June 2002 with estimated resources of 13 billion barrels of oil. Kairan is located approximately 25 miles (40 kilometers) east of the Kashagan field.

The drilling of Kairan-1 was carried out on an artificial island. The well was drilled to a total depth of 12,630 feet (3,850 meters) in 2003 and then suspended due to the winter ice season. Testing operations commenced in March 2004 and the well was tested at a rate of 4,100 barrels per day on a 32/64-inch choke.

The North Caspian PSA covers almost 1.4 million gross acres. Companies involved in exploration and development of this area are ENI (Operator - 16.67 percent), ExxonMobil (16.67 percent), BG (16.67 percent), ConocoPhillips (8.33 percent), Inpex (8.33 percent), Shell (16.67 percent), and Total (16.67 percent). In addition, ExxonMobil affiliates have a 25 percent interest in the giant Tengiz field located on the Eastern shore of the Caspian Sea and a 7.5 percent interest in the Caspian Pipeline Consortium.

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" included in Item 1 of ExxonMobil's most recent Form 10-K and posted on our website (www.exxonmobil.com).


    CONTACT: ExxonMobil
             Bob Davis, 713-656-7544

    SOURCE: Exxon Mobil Corporation
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