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Exploration and Production Overview

EXPLORATION ADDS OVER 1.5 BILLION BARRELS

ExxonMobil continued its strong exploration results during 1999 by adding over 1.5 billion oil-equivalent barrels of new resources in eight countries. Finding costs of $1.20 per barrel in 1999 are about 50 percent lower than finding costs in the early 1990s. The company continues to grow in new venture areas, which continue to provide sustainable increases in resource additions. In established areas, emphasis on selectivity and high-value, near-field drilling ensures quality results and profitable early production start-up using existing infrastructure.

PROFITABILITY FOCUS

ExxonMobil is focused on maximizing the profitability of the business. Ongoing improvement efforts, including effective asset management, have a positive impact on return on capital employed and helped reduce annual operating costs by $640 million in 1999 while maintaining essentially constant production levels.

LONG-TERM GROWTH POTENTIAL

ExxonMobil's expanding resource base and high-quality inventory of large development projects provides the basis for profitable production growth. ExxonMobil's oil and gas production are expected to grow by 4 percent in 2000. The company's large portfolio of opportunities allows the best projects to be selected for development at the appropriate pace. At year-end 1999, ExxonMobil had 58 major projects underway to develop more than 6 billion oil-equivalent barrels (net). Approximately 30 additional projects are in the early planning stage.

New Project Start-Ups
  Target Production
Rates (Gross)		 ExxonMobil
Working
Interest
 
  Liquids Gas
  (KBD) (MCFD) (%)

1999
Australia – Blackback 15 15 50
Canada – Sable Offshore Energy Tier 1 25 565 60
Indonesia – NSO A – 450 100
Malaysia – Tapis-E 25 – 78
Netherlands – Gaag – 80 50
Norway – Aasgard A 200 – 7
Norway – Balder 80 – 100
Norway – Jotun 80 30 45
Qatar – RasGas 20 425 27
U.K. – Buckland 35 30 35
U.K. – Corvette (Hamlet) – 155 43
U.K. – Ketch – 110 50
U.S. – Chinook 15 100 67
U.S. – Genesis 55 70 38
U.S. – Ursa 130 430 16
Venezuela – Cerro Negro 120 10 42

2000 (Projected)
Canada – Syncrude Aurora Phase I 100 – 25
Equatorial Guinea – Jade 60 – 71
Kazakhstan – Tengiz Train 5 60 115 25
Norway – Aasgard B/C 90 940 7
Qatar – RasGas 2 20 425 27
U.K. – Shearwater 65 410 45
U.K. – Triton (Bittern/West Guillemot) 85 75 23
U.S. – Hoover/Diana 100 325 67

2000-2001 (Projected)
Angola – Girassol 200 – 20
Australia – Bream A 15 165 50
Canada – Cold Lake 11-13 30 – 100
Canada – Terra Nova 115 – 22
Indonesia – Arun Efficiency Projects – 155 100
Italy – Tempa Rossa 45 30 25
Malaysia – Angsi 65 450 50
Malaysia – Larut-A 35 30 50
Netherlands – Groningen Clusters 2,3,4 – 575 30
Nigeria – Etim Redevelopment 30 – 40
Norway – Greater Balder Area (Ringhorne) 60 – 100
Norway – Mikkel 10 160 34
Norway – Snorre B 110 – 11
U.K. – Skene 30 170 38
U.K. – Brigantine – 185 50
U.S. – Madison/Marshall 15 13 100
U.S. – Mica 15 150 50
U.S. – Nile 4 70 50

2003+ (Projected)
Angola – Kizomba (Blk 15, Phase I) 250 – 40
Angola – Dalia 220 – 20
Angola – Rosa/Lirio 220 – 20
Azerbaijan – Megastructure (full field) 1000 – 8
Canada – Cold Lake 14-15 30 – 100
Canada – Hebron 115 – 38
Canada – Sable Offshore Energy Tier 2 10 335 60
Canada – Syncrude Aurora Phases 2 & 3 185 – 25
Chad – Doba 225 – 40
Indonesia – Cepu 100 – 49
Kazakhstan – Tengiz Second Generation 120 – 25
Netherlands – Groningen Clusters 5-10 – 1150 30
Nigeria – Bonga 200 150 20
Nigeria – East Area Pressure Maintenance 130 – 40
Nigeria – Erha 60 – 56
Nigeria – Usari Satellites 70 – 40
Nigeria – Yoho 180 – 40
Norway – Grane 205 – 26
Norway – Sleipner West Phases 2 & 3 45 800 32
Qatar – RasGas 3 & 4 50 1160 29
Russia – Sakhalin I 170 900 30
U.K. – Cleaver Bank 5 350 48
Yemen – LNG – 900 38

 

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