ExxonMobil Announces 84 Percent Increase in P’nyang Resource, Potential Expansion in PNG

• 2 trillion cubic feet of gas added to P’nyang field resource estimate
• Recoverable resource now estimated at 4.36 trillion cubic feet of gas
• Supports three-train LNG plant expansion concept

IRVING, Texas–(BUSINESS WIRE)–Exxon
Mobil Corporation (NYSE:XOM) today announced that the size of the
natural gas resource at the P’nyang field in Papua New Guinea has
increased to 4.36 trillion cubic feet of gas, an 84 percent increase
from a previous assessment completed in 2012. The increase supports a
potential significant expansion of operations in the country.

The independent recertification study by Netherland Sewell and
Associates follows the successful completion in January of the P’nyang
South-2 well, located in the Western Province of Papua New Guinea.

The results support ExxonMobil’s discussions with its joint venture
partners on a three-train expansion concept for the PNG LNG liquefied
natural gas (LNG) plant near Port Moresby, with one new train dedicated
to gas from the P’nyang and PNG LNG fields and two trains dedicated to
gas associated with the Papua LNG project.

“The increase in the estimated resource size of the P’nyang field helps
illustrate the tremendous growth opportunities for our operations in
Papua New Guinea,” said Liam Mallon, president of ExxonMobil Development
Company. “We are working closely with our joint venture partners and the
government to progress the P’nyang field development proposal and secure
the licenses needed to develop this world-class resource.”

The development concept, which would add approximately 8 million tons of
LNG annually, would double the capacity of the existing LNG plant
operated by ExxonMobil.

“This investment would extend our gas pipeline infrastructure into the
country’s Western Province and have a meaningful and lasting economic
impact for Papua New Guinea and its people,” Mallon said.

The P’nyang field is located within petroleum retention license 3, which
covers 105,000 acres (425 square kilometers). ExxonMobil affiliates
operate the license with a 49 percent interest in the block. Affiliates
of Oil Search have a 38.5 percent interest and JX Nippon has 12.5
percent interest.

Papua LNG is seeking to commercialize the Elk-Antelope fields located in
petroleum retention license 15 in the Gulf Province of Papua New Guinea.
An ExxonMobil affiliate holds 37.1 percent interest, and affiliates of
operator Total S.A. and Oil Search Limited have 40.1 percent and 22.8
percent interest, respectively.

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Cautionary Statement

Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including project
plans and schedules and resource recoveries 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; the outcome of future exploration
and development efforts; technical or operating factors; the outcome of
future commercial negotiations; and other factors. References to
“recoverable resources” mean quantities of oil and gas that are not yet
classified as “proved reserves” under SEC definitions but that are
expected to be moved into the proved reserves category and ultimately
produced in the future.

Contacts

ExxonMobil
Media Relations, 972-940-6007