ExxonMobil's Hoover Diana Project to be Honored at OTC 2002

ExxonMobil's Hoover Diana project, located in the deepwater Western Gulf of Mexico, has received the prestigious Distinguished Achievement Award for Companies, Organizations and Institutions from the Offshore Technology Conference (OTC). The project will be honored at the OTC's Awards Luncheon in Houston on Tuesday, May 7, 2002.

The Distinguished Achievement Award recognizes individuals and organizations for distinct achievements in, or outstanding contributions to, the advancement of offshore technology. The award will be presented by Charlie Richards, OTC 2002 chairman, as part of this year's annual conference, scheduled for May 6-9 at the Reliant Center in Houston.

The Distinguished Achievement Award is the fourth OTC award ExxonMobil has received recognizing the company's technological leadership. In addition, the OTC has given three previous awards to company employees for individual achievements.

"We are extremely proud to receive this honor for Hoover Diana," said Morris Foster, president of ExxonMobil Development Company, who will accept the award on behalf of ExxonMobil. "Hoover Diana established -- and still holds -- numerous records as the world's deepest water drilling and production platform. Our team of employees and contractors executed this project under budget, ahead of schedule and with industry-leading safety performance, and share in this honor. Hoover Diana achieved many new technological breakthroughs, including co-development of an oil and a gas field in the deepwater environment. We are applying such cutting-edge technologies to subsequent developments around the world."

The $1.1 billion Hoover Diana project, located in 4,800 feet (1,463 meters) of water approximately 200 miles (324 kilometers) south of Houston, began production in May 2000. The development utilizes the world's largest Deep Draft Caisson Vessel (DDCV) located over the Hoover Field. The 83-story tall DDCV floats vertically and is nearly 150 feet (45 meters) in diameter; it incorporates both drilling and production facilities. Twelve anchor lines, each extending 7,100 feet (2,164 meters) from the hull, secure the facility to the sea floor. The 105-foot (32 meters) long, 275-ton mooring piles are the largest ever installed for an oil and gas platform anywhere in the world. This hub ties in the remote Diana field some 15 miles (24 kilometers) away and two satellite fields, Marshall and Madison, each located about seven miles (11 kilometers) from the facility.

Production at Hoover Diana is currently averaging more than 80,000 barrels of oil and 200 million cubic feet of gas per day. ExxonMobil is operator with a 66.7 percent interest in the project, while BP holds the remaining 33.3 percent.

Underpinning its deepwater expertise, ExxonMobil has the industry's strongest portfolio of proprietary technology and is the leading developer of world-class geoscience and engineering technology. ExxonMobil spends $600 million annually in research. Of that $600 million, the company's annual investment of more than $200 million in upstream research has enabled development of technologies that provide a competitive advantage to identify, commercialize and manage oil and gas resources. A significant component of ExxonMobil's research program is aimed at developing new breakthrough technologies with potential to significantly enhance the corporation's financial performance.