ExxonMobil Confirms Successful Acreage Bid Off NZ

ExxonMobil Confirms Successful Acreage Bid Off New Zealand

WELLINGTON, July 11 /Medianet International-AsiaNet /--

Exxon Mobil Corporation subsidiary, ExxonMobil New Zealand (Exploration) Limited, confirmed today the details of a successful bid for an offshore block in New Zealand’s recent exploration acreage release.

The successful bid was made by a joint venture of ExxonMobil (90% and Operator) and Todd Exploration Limited (10%).

The block, which comprises approximately 20,000 square kilometres, is located in the Great South Basin off the southeast tip of New Zealand, 100 kilometres from shore and in a water depth of 500 to 1000 metres.

ExxonMobil Exploration Vice President for Asia Pacific, Stephen Greenlee, said that the company was pleased to have been awarded the exploration rights for block PEP50117.

“The successful acquisition of exploration rights in New Zealand represents an important addition to ExxonMobil’s global portfolio. ExxonMobil plans to undertake a detailed work program of exploration activities with seismic activity expected within the first year,” said Greenlee.

ExxonMobil has been engaged in the petroleum refining and marketing business in New Zealand through affiliated company Mobil Oil New Zealand Limited for over 100 years.

ENDS

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