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TheStreet Open House

ExxonMobil Starts Production From Telok Gas Field

Stocks in this article: XOM

ExxonMobil has started production from the Telok natural gas field, located offshore Malaysia in the South China Sea.

“The Telok development will help meet increasing demand for natural gas in Peninsular Malaysia,” said Neil W. Duffin, president of ExxonMobil Development Company. “It is one of many natural gas developments ExxonMobil will bring on stream in the next few years around the world.”

The development concept of “design one, build many” was utilized to efficiently develop the project and shorten construction and installation timelines, allowing Telok to be completed on schedule and within budget.

The Telok A platform is the first phase of the Telok natural gas project, which when completed will consist of two four-legged unmanned gas satellite platforms. Full well stream gas will be produced via a new 16-mile pipeline to the existing Guntong E platform for processing. A total of 14 development wells are planned for the Telok A and B platforms.

The Telok gas field is located about 124 miles offshore the east coast of Peninsular Malaysia. The field was developed under a gas production sharing contract, and is a 50-50 joint venture between ExxonMobil, the operator, and PETRONAS Carigali Sdn Bhd.

CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including production rates, ultimate recoveries, and project plans and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; timely completion of development projects; technical or operating factors; and other factors discussed under the heading "Factors Affecting Future Results" in the Investor Information section of our website ( www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. References to "recoverable resources" and similar terms include quantities of oil and gas that are not yet classified as proved reserves but that we believe will be produced in the future. The term "project" as used in this release does not necessarily have the same meaning as under SEC Rule 13q-1 relating to government payment reporting. A single project for purposes of that rule may encompass numerous properties, agreements, investments, developments, phases, work efforts, activities, and components, each of which we may also describe informally as a "project".

About ExxonMobil

ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.

Copyright Business Wire 2010

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