ExxonMobil Announces BlueOcean Energy, a Project to Bring Needed Natural Gas Supplies to New Jersey and New York via a Floating Offshore LNG Terminal

    IRVING, TEXAS, December 11 /CNW/ - Exxon Mobil Corporation (NYSE:  XOM)
today announced plans to seek regulatory approval for BlueOcean Energy, a
floating liquefied natural gas (LNG) receiving terminal that will create a
gateway to global supplies of clean-burning natural gas to help meet the
growing energy needs of New Jersey and New York.

    The project will have the capacity to supply about 1.2 billion cubic feet
of clean-burning natural gas per day, enough to meet the needs of more than
five million residential consumers.

    Anchored approximately 20 miles off the coast of New Jersey, the more
than $1 billion terminal will be far from shore and away from shipping lanes,
ports and recreational areas.

    "We believe that BlueOcean Energy is a unique and innovative solution to
meeting the region's energy challenges," said Ron P. Billings, vice president,
Global LNG, ExxonMobil Gas & Power Marketing Company. "BlueOcean Energy will
provide significant economic benefits to New Jersey and New York and will help
the region achieve its environmental objectives."

    The project will generate sizeable direct and indirect economic benefits
through project spending, new jobs, taxes and additional natural gas. Access
to global supplies of natural gas can improve reliability, help reduce swings
in natural gas prices and fuel future growth. The Rutgers University Bloustein
School of Planning and Public Policy studied the economic effects of these
benefits to the State of New Jersey. Rutgers' detailed report, to be issued
shortly, concludes that "the proposed LNG terminal could have significant
positive benefits for the New Jersey economy."

    The project will help the region in obtaining secure, safe and
competitively priced energy, economic growth and development and environmental
protection -- in alignment with goals of the New Jersey Energy Master Plan.
New supplies of clean-burning natural gas can help reduce air emissions and
improve air quality, including a reduction in the need for new, coal-fired
power generation. Also, natural gas has a growing role to play in helping New
Jersey and New York meet clean energy objectives and it is an ideal complement
to renewables and efficiency initiatives.

    Safety and security will be paramount. BlueOcean Energy commissioned
former New Jersey Attorney General John Farmer, a noted security expert and
senior counsel to the 911 Commission, to conduct a safety and security
assessment of the facility.

    "BlueOcean Energy is developing a sound plan for a safe and secure
facility," Farmer said.

    The BlueOcean Energy floating terminal is designed to receive LNG
supplies from double-hulled LNG ships about twice a week, and store the LNG in
insulated tanks inside the terminal's double hull. The stored LNG will then be
warmed to turn it back into natural gas for delivery to New Jersey and New
York markets through a new subsea pipeline that will connect to new and
existing onshore pipelines.

    BlueOcean Energy is at the start of a lengthy and rigorous permitting
process involving state and federal agencies, as well as the general public.

    "Public consultation is a cornerstone of the permitting process, and we
are committed to discussing the project with communities and other
stakeholders," Billings said. "We look forward to working closely with state
and federal officials, as well as with the U.S. Maritime Administration and
the U.S. Coast Guard, the agencies responsible for the review of the terminal
plans under the Deepwater Port Act."

    In addition to BlueOcean Energy, ExxonMobil is involved in three other
terminal projects. Receiving terminals are under construction near Sabine
Pass, Texas; in Wales in the United Kingdom; and offshore Italy in the
Adriatic Sea. With several years required for permitting, engineering and
construction, BlueOcean Energy is expected to begin service around the middle
of the next decade.

    More information is available at www.blueoceanenergy.com.

    CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this
release are forward-looking statements. Actual future results, including
project plans, schedules, costs, and capacities as well as commercial
arrangements could differ materially due to changes in long-term oil and gas
price levels or other market conditions affecting the oil and gas industry;
political or regulatory developments; technical or operating factors; the
outcome of commercial negotiations; and other factors discussed under the
heading "Factors Affecting Future Results" included in Item 1A of ExxonMobil's
most recent Form 10-K and posted on our website (www.exxonmobil.com).


    --  The BlueOcean Energy terminal will not be visible from the New Jersey
shoreline. It will be moored in about 150 feet of water and be positioned
outside of shipping lanes and away from port traffic.

    --  The terminal will be located about 30 miles off the coast of Long

    --  The project will involve the construction of a subsea pipeline to
connect the ocean terminal to natural gas distribution pipelines onshore.

    --  No route has been selected, though our initial focus for a shore
crossing is in New Jersey's Raritan Bay.

    --  Onshore distribution may involve the building of a pipeline to
connect the incoming natural gas to existing sales and transmission pipelines
operated by local distribution companies or interstate pipelines.

    --  John Farmer, Jr. has been responsible for issues of security and
emergency management as chief counsel to the Governor of New Jersey and as
Attorney General of New Jersey (1999-2002). He was the first chairperson of
New Jersey's Homeland Security Task Force and was named senior counsel to the
9/11 Commission in 2002. His areas of responsibility included investigating
the national response to the attacks, the emergency response in New York and
at the Pentagon, and the state of national preparedness.

    --  The Edward J. Bloustein School of Planning and Public Policy at
Rutgers, The State University of New Jersey, serves as one of the nation's key
centers for the theory and practice of planning and public policy scholarship
and analysis.

For further information:

For further information: ExxonMobil Kimberly Brasington, 713-656-4376

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