IRVING, Texas, Dec. 27 /PRNewswire/ -- Mobil Produccion e
Industrializacion de Venezuela Inc., a subsidiary of Exxon Mobil Corporation
(NYSE: XOM), announced today that initial production has begun from the Cerro
Negro field in Venezuela's Orinoco Belt at an initial rate of 60,000 barrels
per day (kbd) of diluted extra-heavy crude oil.
The oil is being blended with condensate to help it flow through a 180
mile (300 kilometer) pipeline between the field and storage and loading
facilities at the Jose Industrial Complex on the eastern coast of Venezuela.
Production from the Cerro Negro field is expected to double to 120 kbd in 2001
when a new coker unit is completed.
The project provides a long-term and stable production stream that is
projected to yield 1.5 billion barrels over 35 years.
"ExxonMobil is pleased with production startup from this world-scale
project," said K. Terry Koonce, president of ExxonMobil Production Company.
"It adds strategic value by providing access to long-term production and
reserves. It also positions the project partners to profitably leverage joint
assets for production, upgrading and ultimate refining of extra-heavy crude
oil."
The Cerro Negro project is operated by a wholly owned ExxonMobil
affiliate, Operadora Cerro Negro, on behalf of a consortium of Mobil
Produccion e Industrializacion de Venezuela Inc., a subsidiary of Exxon Mobil
Corporation, (equity interest: 41.67 percent), and affiliates of Petroleos de
Venezuela, S.A. (PDVSA), the state-owned oil company of Venezuela
(41.67 percent), and Veba Oel AG of Germany (16.66 percent).
SOURCE Exxon Mobil Corporation
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Related links:
http://www.exxon.mobil.com
CONTACT:
Ed Burwell of Exxon Mobil Corporation,
972-444-1108
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