ExxonMobil Selected by United Arab Emirates to Enter Final Negotiations on Upper Zakum Field Participation

April 6, 2005 at 5:02 PM EDT

IRVING, Texas--(BUSINESS WIRE)--April 6, 2005--Exxon Mobil Corporation (NYSE:XOM) confirmed that it has been chosen by the Abu Dhabi Supreme Petroleum Council (SPC) for final negotiations regarding participation in the Upper Zakum offshore oilfield. In a statement issued by the SPC, ExxonMobil was said to have been chosen based on submission of the best technical offer.

"ExxonMobil is deeply honored to have been selected as the sole company to enter final negotiations to become a strategic partner in the Upper Zakum field," said Tim Cejka, president of ExxonMobil Exploration Company. "We are committed to applying ExxonMobil's broad range of industry-leading technologies and operating capabilities to assist Abu Dhabi in obtaining maximum recovery and value from this important national resource. In addition, we look forward to cooperating closely with ADNOC in the areas of training and skill development."

Upper Zakum is one of the world's largest oil fields, contributing significantly to Abu Dhabi's current production, and with potential for substantial growth. Successful conclusion of final negotiations will allow ExxonMobil to obtain a 28 percent equity interest in the Upper Zakum oil field. ExxonMobil has participated in Abu Dhabi's petroleum business for more than sixty years.

CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including resource recoveries and project plans and schedules, could differ materially due to changes in long-term oil and gas price levels or other market conditions affecting the oil and gas industry; the outcome of commercial negotiations; political or regulatory developments; reservoir performance; 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, Houston
             Len D'Eramo, 713-656-4376
             or
             ExxonMobil, Irving
             Russ Roberts, 972-444-1107

    SOURCE: Exxon Mobil Corporation
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