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    1. Drilling & Completion

    Qatar Petroleum and ExxonMobil form joint venture for the Barzan Gas Project

    Feb. 21, 2007
    Qatar Petroleum and Exxon Mobil Corporation will participate in the Barzan gas project and rights for participation in all future phases of the project to ExxonMobil Middle East Marketing Ltd. In parallel with these discussions, the two entities have collectively decided not to progress the Gas to Liquids (GTL) project and instead to pursue the development of the Barzan Project in the North Field.

    Offshore staff

    DOHA, Qatar -- Qatar Petroleum and Exxon Mobil Corporation will participate in the Barzan gas project and rights for participation in all future phases of the project to ExxonMobil Middle East Marketing Ltd. In parallel with these discussions, the two entities have collectively decided not to progress the Gas to Liquids (GTL) project and instead to pursue the development of the Barzan Project in the North Field.

    The initial phase of the Barzan project will supply domestic gas to meet the State of Qatar's infrastructure and industry growth. Qatar Petroleum and ExxonMobil have agreed to form a joint venture to oversee the project development.

    Qatar Petroleum and ExxonMobil have signed a Statement of Participation Principles for the Barzan Project and a Heads of Agreement (HOA) for all future phases of the Barzan Project. It is expected that the initial phase of the Barzan Project will yield about 1.5 billion cubic feet per day of sales gas with the startup anticipated in the year 2012.

    2/21/07