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exxon mobil corp (XOM) Key Developments

Twenty-Eight Oil Companies and Retailers Agree to Settle Litigation Claiming Customers Were Knowingly Overcharged When Gas Station Fuel Temperatures Rose

Twenty-eight oil companies and retailers have agreed to settle litigation claiming customers were knowingly overcharged when gas station fuel temperatures rose. Federal officials consolidated about 50 lawsuits filed since 2006 from consumers across the U.S. in the U.S. District Court in Kansas City. The plaintiffs' attorneys said a judge has given preliminary approval to the settlement agreements in the so-called 'hot fuel' cases. Online court records show final approval hearings are scheduled for June 9. The plaintiffs say customers were shortchanged when buying gasoline that is over 60 degrees F. The volume of gasoline expands and consumers argue they are getting less than a gallon of fuel for a full gallon price. Six companies - BP, ConocoPhillips Co., ExxonMobil, Shell, Chevron U.S.A. Inc. and Sinclair Oil Corp. agreed to pay nearly $23 million to reimburse retailers for installing equipment that corrects for the effects of temperature on fuel. Some of that money will be used to help states oversee retail fuel sales, plaintiffs said.

Exxon Mobil Corporation Signs Memorandum of Understanding with the Papua New Guinea Government for the Expansion of the PNG LNG Project

Exxon Mobil Corporation announced that it has signed a memorandum of understanding with the Papua New Guinea government for the expansion of the PNG LNG project. Under the MoU, the PNG LNG Project will supply electricity and gas for domestic power generation, providing a reliable and clean source of energy to support PNG's urgent power needs. The agreement details the provisions for an LNG expansion project, including the award of a petroleum development licence (PDL) and associated pipeline licences for the P'nyang gas field in PRL 3 (Oil Search - 38.51%). P'nyang will provide additional long-term gas reserves for power generation and Project expansion, including expected debottlenecking of the existing trains and a third LNG train. The MoU sets out an agreed timeline between the PRL 3 co-venturers and Government to a final investment decision for an additional LNG train. The commitment from the PRL 3 owners is for the sanction of the third train in the earliest timeframe, subject to completion of typical activities including appraisal, marketing, financing and development engineering on P'nyang. Under the agreement, a final investment decision is to be taken by the end of 2017 at the latest. The PRL 3 licencees are in the process of finalising the PDL application for P'nyang which, under the MoU timeline, is expected to be offered by the end of the first quarter of 2015. Preparations are underway for appraisal drilling and development engineering studies, which will commence this year. Oil Search is currently updating its resource estimate for P'nyang. Preliminary interpretation of recently acquired data has indicated a larger resource base than currently booked, which is providing confidence that the field can underpin the expansion train. The commitment under the MoU to near-term appraisal drilling will be undertaken to better quantify 1C contingent resource volumes.

Exxon Mobil Corporation Begins Production at the Sakhalin-1 Arkutun-Dagi Field

Exxon Mobil Corporation announced that production has begun at the Sakhalin-1 project's Arkutun-Dagi field, the last of the three fields to be developed. Peak daily production from the field is expected to reach 90,000 barrels. The field, located off the northeast coast of Sakhalin Island in the Russian Far East, will bring total daily production at Sakhalin-1 to more than 200,000 barrels. The other two fields Chayvo and Odoptu began production in 2005 and 2010, respectively. Production from Sakhalin-1's Arkutun-Dagi field will be routed through the existing Chayvo onshore processing facility on Sakhalin Island and delivered through pipelines to the De-Kastri oil export terminal located in Khabarovsk Krai, Russia.

Rosneft Reaches Agreement with ExxonMobil to Build 5 Million Tpy Sakhalin-1 LNG Plant

Rosneft has reached agreement with ExxonMobil to build a 5 million tpy Sakhalin-1 LNG plant. The Far Eastern LNG project costs are estimated at $8 billion and the plant might be commissioned in 2019.

Exxon Mobil Corporation - Special Call

To present 2015 Outlook for Energy: A View to 2040

 

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