ExxonMobil Starts Production at Yoho Project Offshore Nigeria
The $1.2 billion project, with estimated recoverable resources of 0.4 billion barrels of oil, will develop discoveries in the Yoho and Awawa reservoirs in shallow water depths of 200-300 feet. By utilizing a temporary Floating, Production, Storage and Offloading (FPSO) vessel as an Early Production System (EPS), first oil from Yoho came onstream almost two years ahead of full-field start-up. Production through the FPSO is expected to add over 90,000 barrels of oil a day.
"This first deployment of an EPS in West Africa, designed to advance production at Yoho, is another example of our leadership position in project management and execution capability," said Rex Tillerson, senior vice president, Exxon Mobil Corporation. "Yoho is the first of several significant, new development projects, operated by ExxonMobil, to come onstream offshore West Africa. The start-up of this facility demonstrates our continued commitment to meet the world's growing energy needs and the Nigerian government's objective of increasing production capacity."
The full-field development will involve additional wellhead platforms, a central production platform, a living quarters platform and a Floating, Storage and Offloading (FSO) vessel, which will replace the EPS. Full-field start-up is scheduled for late 2004. Yoho will serve as a hub for future development of OML 104 petroleum resources.
ExxonMobil's subsidiary, MPN, holds a 40 percent interest in the NNPC/MPN Joint Venture, which has a current production capacity of approximately 650,000 barrels per day of petroleum liquids. The Federal Government of Nigeria holds the remaining 60 percent interest through NNPC.
In Nigeria, ExxonMobil subsidiaries hold interests in six deepwater blocks covering 3.2 million acres. The company has a leading position in nearly all the major exploration and production areas in the world, the industry's strongest portfolio of proprietary technology and is the leading developer of world-class geoscience and engineering technology.
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
Marcia Zelinsky, 713/656-4376
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