ExxonMobil Announces First Production From Damar Gas Development
Exxon Mobil Corporation (NYSE:XOM) today announced the start of natural gas production at the Damar field off the east coast of Peninsular Malaysia. ExxonMobil subsidiary, ExxonMobil Exploration and Production Malaysia Inc., has a 50 percent interest in the project.
The Damar field has a projected capacity of 200 million cubic feet of gas per day. ExxonMobil and joint-venture partner Petronas Carigali Sdn. Bhd. have planned a total of 16 development wells for the platform.
“Damar will help meet increasing natural gas demand in Malaysia,” said Neil W. Duffin, president of ExxonMobil Development Company. “It also represents one of several projects that will add to ExxonMobil’s global production in the coming years as we remain focused on delivering profitable volumes over the long term.”
Damar was developed under a gas production sharing contract between ExxonMobil, Petronas Carigali and Petronas. ExxonMobil is the operator of the Damar field and Petronas Carigali holds a 50 percent interest.
The Damar startup follows the previously announced Telok gas development in Malaysia, which began production in March 2013. The projects provide additional gas supplies to help meet Malaysia's power and industrial needs and promote growth of the country’s natural gas industry.
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CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including production rates, ultimate recoveries, and project plans and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; timely completion of development projects; technical or operating factors; and other factors discussed under the heading "Factors Affecting Future Results" in the Investor Information section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. References to "recoverable resources" and similar terms include quantities of oil and gas that are not yet classified as proved reserves but that we believe will be produced in the future. The term "project" as used in this release does not necessarily have the same meaning as under SEC Rule 13q-1 relating to government payment reporting. A single project for purposes of that rule may encompass numerous properties, agreements, investments, developments, phases, work efforts, activities, and components, each of which we may also describe informally as a "project.”
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