ExxonMobil Announces First Production From Usan Field Offshore Nigeria

Exxon Mobil Corporation (NYSE:XOM) announced today the startup of production from the Usan field, offshore Nigeria. ExxonMobil subsidiary Esso E&P Nigeria (Offshore East) Limited has a 30 percent interest in the deepwater project.

The Usan project has capacity to produce up to 180,000 barrels per day gross.

“This project represents another major achievement of the industry and Nigerians working together to develop the country’s resources,” said Neil Duffin, president, ExxonMobil Development Company. “Usan is providing significant benefits including revenues, employment and opportunities for local suppliers.”

The Usan field was discovered in 2002 in water depths of 2,400 feet approximately 62 miles from the coast. Production facilities include a floating production, storage and offloading vessel and ultimately 42 sub-sea wells. The operator is Total E&P Nigeria Limited.

ExxonMobil is active in both shallow water shelf and deepwater acreage offshore Nigeria. In the deepwater ExxonMobil has interests in seven blocks, operates the producing Erha and Erha North fields and also produces from the co-venturer operated Bonga field. In 2010, ExxonMobil’s net production in offshore Nigeria averaged 391 thousand barrels a day.

Partners in the Usan project include Esso E&P Nigeria (Offshore East) Limited (30%), Chevron Petroleum Nigeria Limited (30%), Total E&P Nigeria Limited (20%) and Nexen Petroleum Nigeria Limited (20%).

CAUTIONARY STATEMENT: Statements in this release regarding future events and conditions are forward-looking statements. Actual future results, including resource recoveries and project plans, costs, timing, and production, could differ materially due to changes in long-term oil and gas price levels or other market conditions affecting the oil and gas industry; political or regulatory developments; actual future reservoir performance; unexpected technical or operating events; the outcome of commercial negotiations; and other factors discussed under the heading "Factors Affecting Future Results" posted in the Investor Information section of our website ( www.exxonmobil.com). References in this release to total resources, including barrels of oil and cubic feet of natural gas, include quantities that are not yet classified as "proved reserves" under U.S. SEC definitions but that we believe will ultimately be produced.

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.

If you liked this article you might like

These Stocks Pay You to Own Them

Dow, S&P 500 Set New Records as Fed Moves to Unwind Balance Sheet

Stocks In Negative Territory as Chances for December Hike Surge

Energy Stocks Lead a Neutral Market Even After Oil Inventories Spike

Energy Takes a Backseat as Crude Oil Stabilizes Under $50