Irving, Texas, United States
Exxon Mobil Corporation (NYSE:XOM) subsidiary, ExxonMobil Exploration and Production Indonesia (Mandar) Limited, has signed a Production Sharing Contract (PSC) with the government of Indonesia for the Mandar block located in the Makassar Straits offshore West Sulawesi. This contract will enable exploration activities on the block to begin. ExxonMobil was announced the successful bidder for the Mandar block in the 2006 Indonesian Exploration Tender Round by the government of Indonesia with a 100 percent participating interest.
The Mandar block, which comprises 1 million acres (4,200 square kilometers), is located in the Southern Makassar Basin in water depths ranging from the coastline to more than 6,000 feet (2,000 meters).
"The Mandar block augments ExxonMobil's acreage position in the Makassar Straits where we have a PSC in place for the Surumana block from the previous tender round," said Steve Greenlee, vice president of ExxonMobil Exploration Company.
Subsidiaries and predecessors of Exxon Mobil Corporation have been operating in Indonesia for more than 100 years. Since 1968, ExxonMobil companies have invested more than $17 billion in the country.
CAUTIONARY STATEMENT: Estimates, expectations, 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 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.
CONTACT: ExxonMobil Bob Davis 713-656-4376
Source: Business Wire (Business Wire India)