ExxonMobil Announces First Oil From Cerro Negro Project

abarrelfullabarrelfull wrote on 16 Sep 2014 13:52
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Dec. 27 1999

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).


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