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ExxonMobil Supports European Research Initiative into Reducing Greenhouse Gas Emissions

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Posted by lkgeo1 on November 2, 2006, 10:15 pm

ExxonMobil Supports European Research Initiative into Reducing
Greenhouse Gas Emissions
IRVING, Texas--(BUSINESS WIRE)----Exxon Mobil  Corporation (NYSE:XOM )
today announced its participation in a major European research
initiative aimed at evaluating the role that Carbon Capture and Storage
(CCS) technology may play in reducing greenhouse gas emissions.

ExxonMobil  will contribute over 1 million Euros and provide expert
technical guidance to the CO2ReMoVe project, sponsored by the European
Commission Directorate General for Research. Over the next five years,
CO2ReMoVe will evaluate a range of technologies to monitor the
injection and storage of carbon dioxide (CO2) from gas streams at the
Sleipner and Snohvit fields in the Norwegian North Sea, at In Salah in
the southern Saharan desert in Algeria and in the German locality of
Ketzin. ExxonMobil shares in the ownership of the North Sea Sleipner
gas field where over one million tonnes of CO2 have been sequestered
each year since 1998.

The project aims to provide a sound scientific basis for establishing
guidelines for the certification of future sites for CO2 storage.

"Carbon Capture and Storage is a long-term option with significant
potential to reduce CO2 emissions from large sources such as
electricity generation," said Sherri Stuewer, Vice-President, Safety,
Health and Environment, Exxon  Mobil Corporation. "The technology for
CCS exists today, but the challenge is to further demonstrate its
effectiveness and integrity and to reduce its cost. CO2ReMoVe will play
a major role in advancing CCS technology, by monitoring and verifying
storage of CO2."

CCS technology separates CO2 from a gas stream, compresses it to reduce
volume, transports it by pipeline to a storage site and sequesters it
in geological formations. The technology could have a major impact on
greenhouse gas emissions as it could be applicable to many
large-emission sources of CO2. The Intergovernmental Panel on Climate
Change estimates that these large facilities, primarily electricity
generation plants, account for nearly 60 percent of global emissions
from energy use.

ExxonMobil is a global leader in the use of technologies that comprise
CCS. The corporation has developed and used these technologies for many
years commercially at industrial scale in operations that capture CO2
from oil and gas production, transport CO2 to injection sites by
pipeline, and inject gas and liquids into oil fields as part of
enhanced oil recovery and other operations. A key element of the
corporation's support for CO2ReMoVe will be the participation of
technical experts from ExxonMobil's Upstream Research Company.

Along with ExxonMobil, energy industry participants in the CO2ReMoVe
project include BP , ConocoPhillips , Schlumberger, Statoil, Total,
Vattenfall and Wintershall.

Other participants include the International Energy Agency; DNV, an
organization specializing in risk management in the oil and gas
industry; and a number of national agencies and academic research
organizations. The European Union will contribute 8 million Euros to
the project, with the balance of 7 million euros coming from the other
participants. The project will be coordinated by the Netherlands
Organization for Applied Scientific Research (TNO).

In addition to CO2ReMoVe, ExxonMobil is also an active supporter of
other research into climate science and technologies to reduce the
risks of climate change. ExxonMobil worked to establish and is
providing $00 million to Stanford University's Global Climate and
Energy Project (GCEP), a major long-term research program designed to
accelerate development of a range of commercially viable energy
technologies that can lower greenhouse emissions on a world scale.
Research into CCS forms an important part of GCEP.

CCS is also the subject of ExxonMobil-supported research at the
International Energy Agency Greenhouse Gas R&D Programme, Massachusetts
Institute of Technology and the University of Texas. ExxonMobil also
conducts internal research into CCS-related technologies to support the
corporation's commercial operations.

Exxon Mobil CorporationDave Gardner, 972-444-1107orExxonMobil UKDavid
Eglinton, +44 (0)1372 222261orExxonMobil BrusselsLisa Boch-Andersen,
(00)32 2 722 2946

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