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10

Exxon Mobil To Extract Australian Gas

Exxon Mobil's subsidiaries have signed a Framework Agreement with ChevronTexaco and Shell subsidiaries

US oil corporation Exxon Mobil announced today that its wholly owned subsidiaries, Mobil Exploration and Producing Australia Pty Ltd and Mobil Australia Resources Company Pty Limited, have signed a Framework Agreement with ChevronTexaco and Shell subsidiaries resulting in a new ownership structure for the Gorgon project and the Greater Gorgon gas resource offshore Western Australia.

This agreement will provide access to 11 gas fields in the Greater Gorgon area, including Gorgon and Jansz, containing estimated total recoverable resources in excess of 40 trillion cubic feet of natural gas. These resources will supply the Gorgon project and will help ensure that these fields can be developed in the most technically and economically efficient manner. It will also increase the marketability of the Gorgon project due to the availability of increased gas resources.

Under the Framework Agreement, the new ownership structure of the Gorgon project will be: ChevronTexaco (operator) 50 percent, ExxonMobil 25 percent and Shell 25 percent.