2004 Summary Annual Report - ExxonMobil

U PSTREAM 13
ExxonMobil continues to be a major producer in the North Sea. In addition to projects that leverage existing infrastructure, we are progressing
new opportunities such as the Kristin development in Norway. Above, the semisubmersible platform is under construction in Norway.
The diversity of ExxonMobil’s portfolio
allows us to pursue all opportunities and
select the best for investment.
In Alaska, we are in fiscal discussions with the state,
a step toward the development of significant North Slope
gas resources, which total 34 trillion cubic feet (gross).
We are also commercializing tight gas resources from our
significant acreage position in the Piceance Basin.
Canada
The main regulatory applications were filed in 2004 with
Canadian authorities to build a 1.2-billion-cubic-foot-per-day,
800-mile pipeline as part of the Mackenzie Gas Project
(ExxonMobil interest, 57 percent). The project will initially
develop three large gas fields totaling 6 trillion cubic feet of
gas (gross), at a peak rate of 850 million cubic feet per day,
with start-up projected by the end of the decade.
Offshore eastern Canada, the Sable Offshore Energy
Project (ExxonMobil interest, 60 percent) started up South
Venture in 2004, ahead of schedule. This fifth field in the
project is an example of the benefit of our “design one,
build multiple” approach.
In western Canada, heavy oil operations in Cold Lake
(Imperial Oil interest, 100 percent) and the Syncrude tar
sands project (Imperial Oil interest, 25 percent) accounted for
almost 370 thousand barrels per day of production (gross).
An upgrader expansion at Syncrude is scheduled for
completion in 2006.
South America
ExxonMobil produces 120 thousand barrels per day (gross)
of extra-heavy crude from the Cerro Negro field (ExxonMobil
interest, 42 percent) in Venezuela. The heavy oil is then
upgraded to synthetic crude oil. Also in Venezuela, extended
production tests are under way at La Ceiba as part of the
commercialization evaluation plan for the block.
Offshore Colombia, ExxonMobil began exploration activities
covering the 11-million-acre Tayrona block (ExxonMobil
interest, 40 percent). We utilized our proprietary Remote
Reservoir Resistivity Mapping (R3M) technology to progress
evaluation of the block.
EUROPE
ExxonMobil is the largest net
producer of hydrocarbons in Europe.
ExxonMobil’s European operations
contributed about 26 percent of
2004 Upstream earnings. Extensive
North Sea oil and gas operations, and
significant onshore natural gas production,
are among the Company’s key assets.
In 2004, several major North Sea projects started up that
leveraged existing infrastructure and increased production.
These include Goldeneye (ExxonMobil interest, 39 percent),
Scoter (ExxonMobil interest, 44 percent), and the Sleipner
West Compression project and Alpha North satellite development
(ExxonMobil interest, 32 percent). These projects
are expected to develop over 500 million oil-equivalent
barrels (gross).
EXXON MOBIL CORPORATION • 2004 SUMMARY ANNUAL REPORT