ExxonMobil and Qatar Petroleum Progress LNG Project

RL3 is a further expansion of the existing LNG productionfacilities operated by RasGas Company Limited (Qatar Petroleum 70percent; ExxonMobil 30 percent) at Ras Laffan Industrial city in NorthEastern Qatar. This project is planned to bring the total number oftrains operated by RasGas to seven (Trains 1 and 2 in RL, 3 through 5in RL II and 6 and 7 in RL 3) and is expected to increase RasGas LNGproduction capacity by more than 70 percent.

Full-chain investment in RL 3 is estimated at near $14 billion.This includes the design, construction and operation of two 7.8million-ton-per-year (MTA) LNG Trains 6 and 7, and all otherfacilities associated with the development, production,transportation, processing, treatment, liquefaction, regasification,storage, delivery and sales of approximately 15.6 million tons a year(MTA) of LNG along with associated by-products such as liquifiedpetroleum gas, condensates, helium and sulphur.

The new LNG project, one of the largest ever announced, will bedeveloped in two consecutive phases with Train 6 scheduled to beginproduction in the second half of 2008, and Train 7 anticipated to comeon stream approximately one year later. Twenty-eight wells are plannedto be drilled to supply the two trains with natural gas, sourced fromQatar's giant North Field, which is estimated to contain natural gasresources in excess of 900 trillion cubic feet. LNG from the projectwill be delivered to targeted markets, principally the United States.

Today's ceremony was attended by H.E. Abdullah Bin Hamad AlAttiyah, Qatar's Second Deputy Premier Minister of Energy andIndustry; H.E. Yousef Hussein Kamal, Minister of Finance, Chairman ofRasGas Board of Directors; The Honorable Samuel Wright Bodman, U.S.Secretary of Energy; and Mr. Rex Tillerson, President of Exxon MobilCorporation, along with other dignitaries and senior officialsrepresenting both RasGas Company Limited and Exxon Mobil Corporation.

Commenting on this milestone development, H.E. Minister Al Attiyahsaid, "This project represents another important step under theambitious vision of His Highness the Emir, Sheikh Hamad Bin KhalifaAl-Thani, that aims to ensure the optimal utilization of the country'shydrocarbon resources by creating development opportunities for thewelfare and prosperity of Qatar.

"RL 3 is indicative of the success we have achieved incommercializing our substantial gas resources with our valued partner,ExxonMobil, and we look forward to developing this world class LNGproject as we aggressively pursue Qatar's vision to be the worldleader for LNG development," H.E. Al-Attiyah said.

"ExxonMobil is extremely proud of our partnership with QatarPetroleum," said Rex Tillerson. "Working together with our partnerQatar Petroleum and through the application of technology, we havesignificantly reduced the costs of delivering LNG to world markets.The project will make Qatar Petroleum and ExxonMobil leaders in thesupply of this important fuel to the U.S. gas market. A project ofthis scale is only possible through the combined strengths of twoworld-class companies, the excellent working relationship that existsbetween us, and the hard work of everyone involved," Tillerson said.

Earlier this year, Engineering, Procurement and Construction (EPC)contracts for Trains 6 and 7 were awarded to J. Ray McDermott MiddleEast for the offshore facilities and to the Chiyoda Corporation andTechnip France Joint Venture (CTJV) for the onshore work.

RL3 also has signed financing documents securing funds to proceedwith execution of the project. In total, $4.6 billion was raised from19 commercial banks, capital bond market offerings and loans fromExxonMobil. The capital markets portion of the financing ($2.25billion) represents the largest energy project financing in thehistory of the capital markets. This was the initial tranche of abroader $10 billion debt program to underwrite the remainingexpansions for RL 3 and RL II.

"The State of Qatar is very pleased with the success of thislandmark financing and we are well positioned to raise the full $10billion required for the expansion of RL II and 3 efficiently and atan attractive cost," said H.E. Yousef Hussein Kamal, Minister ofFinance.

To deliver the LNG to its targeted markets, RL3 plans to lease 12LNG tankers to support Train 6 to be constructed by Hyundai HeavyIndustries, Daewoo Shipbuilding & Marine Engineering and Samsung HeavyIndustries. Daewoo will build five tankers, Samsung four and Hyundaithree. It is expected that an additional six LNG tankers will berequired to support Train 7.

CAUTIONARY STATEMENT: Estimates, expectations and business plansin this release are forward-looking statements. Actual future results,including project plans, costs, timing and capacities; actual sales ofLNG and other products; and financing arrangements could differmaterially due to factors including changes in long-term oil and gasprice levels or other market conditions affecting the oil and gasindustry; political or regulatory developments; the outcome ofcommercial negotiations; changes in technology; the actions ofcompetitors; reservoir performance; timely completion of projects bycontractors; technical or operating factors; and other factorsdiscussed here and under the heading "Factors Affecting FutureResults" included in Item 1 of ExxonMobil's most recent Form 10-K andposted in the Investor Information section of ExxonMobil's website(www.exxonmobil.com). References to resources in this release includequantities that are not yet classified as proved reserves but that weexpect will ultimately be produced.