ExxonMobil Inks Deal to Participate in Upper Zakum Oil Field

ExxonMobil and subsidiaries have signed agreements with Abu Dhabi National Oil Company (ADNOC) through which ExxonMobil Abu Dhabi Offshore Petroleum Company Limited (EMAD) receives a 28 percent undivided interest out of ADNOC's 88 percent interest in the Upper Zakum Oil Field. This will leave ADNOC with a 60 percent interest and Japan Oil Development Company Limited (JODCO) will continue to hold the remaining 12 percent interest. ExxonMobil was selected from an initial field of six competing companies based on demonstration of its technical capabilities.

Upper Zakum is one of the world's largest oil fields, contributing significantly to Abu Dhabi's current production, and with potential for substantial production growth. ExxonMobil, with ADNOC and JODCO, will provide support to the joint operating company, Zakum Development Company (ZADCO), in pursuing the objective of increasing production by about 50 percent to a target of 750,000 barrels per day. ExxonMobil has participated in Abu Dhabi's petroleum business for more than sixty-five years.

In these agreements, ExxonMobil commits to develop, supply, support and apply technologies to maximize ultimate recovery from Upper Zakum reservoirs. The company will establish an ExxonMobil Technology Center in Abu Dhabi to apply industry's most advanced technology to Upper Zakum in areas of reservoir management, well management and production operations. ExxonMobil will also provide support for training and personnel development, including access to its world-class Upstream Training and Technology Center in Houston. ExxonMobil also agreed to assist in establishing a specialized research and development facility at the Petroleum Institute, the leading technical university in Abu Dhabi.

"ExxonMobil is deeply honored to have this opportunity to participate in the Upper Zakum field," said Rex Tillerson, chairman and chief executive officer of Exxon Mobil Corporation. "We look forward to joining the already strong ZADCO team and to supplementing and enhancing the technology and capabilities of ZADCO and its shareholders. We also look forward to cooperating closely with ADNOC in the areas of training and development of human resources."