Enhanced Recovery to Yield 40 Million More Barrels; New Equipment Will Reduce Air Emissions
Public Company Information:
HOUSTON--(BUSINESS WIRE)--ExxonMobil Production Company today announced a project at the Hawkins Field in northeast Texas to recover the equivalent of an additional 40 million barrels of oil, an amount equal to the annual energy needs of over one million Texas households.
The project will extend the life of the field, discovered by ExxonMobil in 1940, for an additional 25 years.
“ExxonMobil is applying some of its most advanced technologies to mature oil and natural gas fields. The investment is part of an ongoing effort to find, develop and produce more domestic supplies of oil and gas to meet the country’s growing energy needs,” said Kok-Yew See, ExxonMobil’s U.S. production manager. “These advanced technologies breathe life into mature fields, thereby producing more resources for energy consumers.”
He added, "ExxonMobil continues to invest in oil and natural gas development in Texas. Over the past three years our capital expenditure in the state exceeded $700 million. These investments help create jobs and contribute to the economic growth of the region and state. They also help maintain Texas’ position as the leading U.S. oil and natural gas producing state."
New facilities will be installed at the Hawkins Field to recover and reinject nitrogen and other gases from the field’s natural gas production. This will enable more oil and gas to be recovered from the reservoirs. The reinjection of these gases will reduce the plant's air emissions by almost one-third.
Construction is expected to begin in the first quarter 2010. At its peak, the ExxonMobil project will employ a construction workforce of about 300 people. Project start-up is anticipated in late 2011.
The Hawkins Field is located in Wood County, Texas, about 100 miles east of Dallas. Over the past 70 years, it has produced more than 800 million barrels of oil. The field is one of the largest ever discovered in the state and provided significant energy supplies to support America's effort during World War II.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including resource recoveries, production rates, project plans and schedules, capital expenditures, and the impact of new technology 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 barrels of oil and similar terms include quantities of oil and gas that are not yet classified as proved reserves under SEC regulations but that we believe will be produced in the future.
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com.
David Eglinton, 713-656-4376