ESSO / ANP

Exxon Corporation s affiliate, Esso Brasileira de Petroleo Limitada (Esso), has signed Concession Contracts with the Agencia Nacional de Petroleo (ANP) for interests in deepwater exploration blocks BM-ES-1 and BM-FZA-1. The blocks were awarded during the First Brazil Exploration License Round on June 15-16, 1999. Esso has an interest in nearly 19 million gross acres offshore Brazil. Under the terms of the contracts, Esso will have a 100 percent interest in block BM-ES-1 and a 25 percent interest in block BM-FZA-1. Block BM-ES-1 is located in the Espirito Santo Basin, approximately 90 miles offshore of the State of Espiritu Santo, in water depths ranging from 4,900 to 9,800 feet and covers an area of 670,000 acres. Under the terms of the contract, Esso will acquire seismic data during the first exploration phase, followed by exploratory drilling, should the Company elect to enter the second exploration phase. Block BM-FZA-1 is located in the Amazon Mouth Basin, approximately 175 miles offshore of the States of Amapa and Para. The block is in water depths up to 6,200 feet and covers a total of approximately 3.5 million acres. Other interest owners in block BM-FZA-1 include: BP Brasil Limitada, 30 percent, operator; Shell Brasil, S.A., 12.5 percent; British-Borneo do Brasil Limitada, 12.5 percent; and Petroleo Brasileiro S.A. (Petrobras), 20 percent. Under the terms of the contract, the coventurers will acquire seismic data during the first exploration phase, followed by exploratory drilling, should the Company elect to enter the second exploration phase. In addition to these contracts, Esso has signed Joint Venture Agreements with Petrobras for interests in Blocks BFZ-1, BP-1, BS-1 and BC-10. The Company is also in the process of finalizing an additional agreement with Petrobras for deepwater exploration acreage in the Amazon Mouth Basin covering an additional six million acres.
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