IRVING, Texas (October 10, 2003) - Exxon Mobil Corporation announced today
that its subsidiary Esso Exploration and Production Chad, Inc. (Esso)
officially commemorated the inauguration of the Chad-Cameroon Oil Development
and Pipeline Project at a ceremony held at its Operations Center located at
Kome in southern Chad.
The ceremony recognized and celebrated the successful partnership between the
Governments of Chad and Cameroon, the Project sponsors (Esso, Petronas and
ChevronTexaco) and the World Bank Group. This partnership was created and
built through years of collaboration and consultation with the citizens of
Chad and Cameroon.
Achievements in the construction and the operational phases of the Project
were also celebrated. These include completion of the pipeline construction
and pipeline fill operations one year ahead of schedule along with the field
facilities at one of the three oil fields under development. The first cargo
of crude oil was loaded on October 3, 2003, from the Floating Storage and
Offloading vessel, offshore Kribi, Cameroon, and is on its way to world
markets.
Addressing inauguration attendees, Morris Foster, president of ExxonMobil
Development Company, said, "It is with great pride that I am here today to
celebrate this tremendous accomplishment with everyone who has been involved
in the Project. I want to personally thank President Deby and President Biya
for their support along with important contributions of our co-venturers,
Petronas and ChevronTexaco, and the World Bank Group for their commitment to
this Project.
"Today we celebrate not only what was achieved during the construction but
Esso, as operator, also celebrates the manner in which it has been
accomplished," Mr. Foster added. "We maintained our long-term focus on this
project over 27 years of effort and changes in the consortium, increased the
known oil reserves to commercial levels and helped turn a vision in 1976 into
a reality. We believe this project will help prepare a brighter future for the
citizens of Chad and Cameroon, and I am proud we are part of it."
The Project represents unprecedented efforts in the areas of socio-economic
planning and public consultation. Since 1993 the Project has held nearly 5,000
public consultation meetings reaching tens of thousands of people in hundreds
of villages throughout the Project area -- by far the most extensive public
consultation process ever undertaken in Africa.
The Project has also created and implemented one of the most rigorous
environmental management plans ever developed in Africa. Multiple levels of
monitoring including several external groups verified the project's compliance
with the plan and its commitments.
The Project continues to make important contributions to the economies of the
two host countries. For example, 35,000 people held jobs during the
construction phase of the Project with 80 percent of these being citizens of
Chad or Cameroon. In addition to direct employment, the Project has spent over
$650 million with 2,200 local Chadian and Cameroonian companies and helped
create significant economic growth in the local economies through investments
in infrastructure such as roads and bridges linking local villages to outside
markets. In Chad the growth rate of the gross domestic roduct (GDP) has soared
to nearly 11 percent per year since construction began, compared to a rate of
1 percent prior to Project commencement.
The Project has implemented extensive public health education programs focused
on malaria and HIV/AIDS prevention. The Roll Back Malaria efforts included
distribution of 80,000 insecticide-treated bednets and training of health
workers in diagnosis and treatment. HIV/AIDS prevention programs included
partnerships with local non-government organizations in extensive
village-level education initiatives. In addition, facilities have been donated
such as schools, community water wells and clinics.
Key next steps for the project include completion of the central treating
facilities by year-end 2003. Full production capacity of 225,000 barrels per
day is targeted for early in 2004, while drilling operations will continue in
the oil fields over the next two years.
The consortium developing the project is comprised of subsidiaries of
ExxonMobil (operator, 40 percent), Petronas (35 percent) and ChevronTexaco (25
percent).
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, political developments, technical or operating factors, and
other factors discussed under the heading "Factors Affecting Future Results"
included in Item 1 of ExxonMobil's most recent Form 10-K and posted on our
website (www.exxonmobil.com). References to quantities of oil and gas include
amounts that are not yet classified as proved reserves but that we believe
will be produced in the future.
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ExxonMobil News Media Desk: (44) 207 0741439
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