Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
ExxonMobil Proposes LNG Terminal
IRVING, Texas--(BUSINESS WIRE)--Jan. 15, 2004--An Exxon Mobil
Corporation (NYSE:XOM) affiliate, Vista del Sol LNG Terminal LP, has
announced plans to develop a $600 million Liquefied Natural Gas (LNG)
receiving terminal along the Gulf Coast of Texas.
The proposed project, to be located in San Patricio County about
two miles west of Ingleside, Texas, was announced today at an event
attended by Texas Governor Rick Perry, Consul General of the State of
Qatar Mohamed Al-Hayki, local business and government officials, and
representatives of ExxonMobil.
The terminal, which will process imported LNG for distribution
throughout Texas and the United States, should take about three years
to build and involve employment for some 600 workers during peak
construction. The facility is expected to be operational in the
2008/09 timeframe, with a processing capacity of 1 billion cubic feet
per day (bcfd) of LNG.
Late last year, ExxonMobil initiated the permitting process for
the Vista del Sol project with the Federal Energy Regulatory
Commission (FERC), an undertaking that involves numerous engineering
design, safety, environmental and other studies that typically lasts
about 18 months. Prior to the initiation of the permitting process,
the Port of Corpus Christi Board of Commissioners voted unanimously to
support the project.
In November, the company via an affiliate, Golden Pass LNG
Terminal LP, entered the FERC permitting process at another Texas
site, Sabine Pass, located 10 miles south of Port Arthur.
"Texas and the United States need secure supplies of natural gas
to attract industries, assure development and to continue the strong
economic growth we're experiencing in our state and throughout the
nation," said Governor Rick Perry speaking at today's event. "This
project will bring jobs and other economic benefits to San Patricio
County and the greater Corpus Christi area, and will provide long-term
supplies of natural gas for our industries, power plants and homes. We
support ExxonMobil's efforts to bring another important LNG project to
Philip Dingle, president of ExxonMobil Gas and Power Marketing
Company, said, "This is another important step in our plans to develop
LNG receiving terminals on the U.S. Gulf Coast. There is strong growth
in natural gas demand projected in the future, and the import of LNG
will be an important component of the supply mix. We appreciate the
continued commitment of Governor Perry, Texas Railroad Commission
Chairman Victor Carrillo, State Senator Judith Zaffrini, State
Representative Gene Seaman, San Patricio County Judge Simpson, the
Port of Corpus Christi Board of Commissioners and other state, local
and civic leaders who are working with us to bring this LNG project to
San Patricio County. This project will help support economic
development in South Texas and the U.S."
In October, Exxon Mobil Corporation and Qatar Petroleum announced
a Heads of Agreement to supply 15.6 million tons a year of LNG (2
bcfd) from Qatar to the United States for an expected period of 25
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future results,
including project plans, capacities, costs, and schedules, could
differ materially due to changes in market conditions affecting the
oil and gas industry, political developments, the outcome of
commercial negotiations, 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). Gas underlying quantities of LNG
referenced in this release include amounts not yet classified as
proved reserves but that we believe will be produced in the future.
Bob Davis, 713-656-4376
SOURCE: Exxon Mobil Corporation