ExxonMobil Participates in Expanded Production from Gulf of Mexico Princess Field

January 5, 2004 at 2:26 PM EST

IRVING, Texas, Jan 5, 2004 (BUSINESS WIRE) -- Exxon Mobil Corporation (NYSE:XOM) announced today its participation in the startup of production from the Princess field subsea wells, located approximately 140 miles southeast of New Orleans in the Gulf of Mexico. Production at the field is currently flowing at an approximate rate of 9,000 barrels of oil and 15 million cubic feet of gas per day. Production began on December 17, 2003.

The co-venturers are planning for a continued phased development of Princess, which is located in Mississippi Canyon 765 and 766, in 3,650 feet of water. The initial phase consists of one well (A10) on the Ursa tension leg platform (ExxonMobil interest 16 percent) and an expandable three-well subsea system tied back to Ursa less than four miles away. The Ursa A10 well began production in the fourth quarter of 2002. Peak production for Princess' initial stage of development is estimated to be 55,000 barrels of oil and 110 million cubic feet of gas per day. Total gross ultimate recovery for the Princess project is estimated to be 175 million barrels of oil equivalent.

"The Princess project utilizes a number of technological advancements for Gulf of Mexico deepwater production, and is another example of profitable resource development through the use of existing infrastructure in established areas," said Thomas R. Walters, vice president for ExxonMobil Production Company.

Working interest owners of Princess are Shell, operator (45 percent), BP (23 percent), ExxonMobil (16 percent), and ConocoPhillips (16 percent).

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, political developments, 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 quantities of oil and gas include amounts that are not yet classified as proved reserves but that we believe will be produced in the future.

SOURCE: Exxon Mobil Corporation 

ExxonMobil
Bob Davis, 713-656-7544

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