ExxonMobil Announces First Oil Production in Angola

Exxon Mobil Corporation announced today its first oil production in Angola with the start-up of the Girassol development in the deepwater offshore area known as Block 17. Girassol, operated by TotalFinaElf, is located approximately 125 miles (200 kilometers) northwest of Luanda in water depths of 4,500 feet (1,350 meters). The development consists of subsea wells tied back to a Floating, Production, Storage and Offloading (FPSO) vessel. The FPSO is capable of processing 200,000 barrels of oil per day and has a two million barrel storage capacity. A total of 39 subsea wells are planned, and drilling is expected to continue until 2003. Commenting on the Girassol start-up, Morris Foster, president, ExxonMobil Development Company, said, "We are pleased to participate in the successful start-up of this world-class development. It is an important milestone with a promising future for ExxonMobil in Angola. Production from this and other developments being planned in Angola will provide significant additions to ExxonMobil's liquids production to meet the world's future energy needs." In August 2001, ExxonMobil announced it had started construction of the largest deepwater development offshore West Africa. The $3 billion world-class Kizomba A project in Angola's Block 15 has recoverable resources of approximately one billion barrels of oil and target production of 250,000 barrels per day. First oil from Kizomba A is scheduled for late 2004. ExxonMobil has a leading position in nearly all the major exploration and production areas in the world. The company is also a leading holder of deepwater acreage in the world's most attractive deepwater regions, including West Africa where it has interests in 19 blocks totaling 18 million gross acres. In Angola, ExxonMobil holds interests in nine offshore deepwater blocks covering 11 million gross acres with a recoverable resource potential of more than 7.5 billion oil-equivalent barrels from its 22 announced discoveries. ExxonMobil's subsidiary, Esso Exploration Angola (Block 17) Limited, has a 20 percent interest in the Girassol development with co-venturers TotalFinaElf E&P Angola (operator, 40 percent), BP (16.67 percent), Statoil (13.33 percent), and Norsk Hydro (10 percent). Participants in Block 15 are Esso Exploration Angola (Block 15) Limited (operator, 40 percent), BP Exploration (Angola) Limited (26.67 percent), Agip Angola Exploration B.V. (20 percent) and Statoil Angola Block 15 AS (13.33 percent). Sonangol is the concessionaire for both blocks.