exxon mobil corp (XOM) Key Developments
ExxonMobil Awards Immersive 3D Operator Technology License to Eon Reality
May 21 15
ExxonMobil Research Qatar, or EMRQ, has announced that ExxonMobil has awarded a global commercial license for Immersive 3D Operator Training Simulator technology to EON Reality Inc. The innovative technology incorporates ultra-realistic, multi-angle immersive virtual reality for training process operators and engineers in oil and gas production, processing and transportation facilities. The technology enables effective training to take place in a safe and controlled environment. The new technology
also supports the development of simulators that combine dynamic process training and fully functional 3D models.
Exxon Mobil Announces Significant Oil Discovery Offshore Guyana
May 20 15
Exxon Mobil Corporation announced a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana. The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water. Stabroek Block is 6.6 million acres (26,800 square kilometers).
ExxonMobil and Colorado School of Mines Establish Joint Research Collaboration Focused on Developing Fundamental New Insights into Photosynthetic Processes and Carbon Fixation in Algae
May 19 15
ExxonMobil and Colorado School of Mines have established a joint research collaboration focused on developing fundamental new insights into photosynthetic processes and carbon fixation in algae. These insights will provide better understandings of the scientific and technical challenges to developing biofuels from algae. ExxonMobil has committed up to $1 million during the span of two years to further research led by Mines Chemistry and Geochemistry Associate Professor Matthew Posewitz that will contribute to the long-term development of the next generation of sustainable algal biofuel technologies. Posewitz, who has been studying algal biofuels for 13 years, said this funding will allow his research team to expand their research focus. ExxonMobil researchers will work closely with Posewitz's team and will have a high level of involvement with the research.
Exxon Mobil Corporation Announces Cold Lake Project Expansion Starts Production on Schedule
May 11 15
Exxon Mobil Corporation announced that bitumen production began on schedule at the $2 billion Cold Lake Nabiye project expansion in northeastern Alberta, Canada. The expansion is producing about 20,000 barrels per day and volumes are expected to increase during the year to peak daily production of 40,000 barrels. Nabiye will access 280 million barrels of recoverable resources during its expected 30-year lifespan. The company expects to increase production volumes this year by 2% to 4.1 million oil-equivalent barrels per day, driven by 7% liquids growth. The volume increase is supported by the ramp up of several projects completed in 2014 and the expected startup of seven new major developments in 2015, including Hadrian South in the Gulf of Mexico, expansion of the Kearl project in Canada, Banyu Urip in Indonesia and deepwater expansion projects at Erha in Nigeria and Kizomba in Angola. The project was planned and executed by ExxonMobil Development Company on behalf of the Cold Lake project operator, Imperial Oil Limited, ExxonMobil’s majority owned Canada affiliate.
Exxon Mobil Corporation Provides Update on the Lawsuit
Apr 30 15
Attorneys for Exxon Mobil announced on April 29, 2015 that plaintiffs who want a federal judge to vacate his decision dismissing a class-action lawsuit against the company are merely rehashing past arguments. In a document filed with U.S. District Court in Little Rock, the attorneys wrote, "Plaintiffs have offered no compelling reason for the Court to revisits its rulings, which came after the parties created a voluminous record of briefing and exhibits for the Court's consideration. Based upon that record, the Court correctly decertified the class because the plaintiffs sought certification of a claim that is preempted by federal law. Attorneys for two couples who own land in Mayflower asked U.S. District Judge Brian Miller on April 13 to vacate his March order decertifying the class-action and dismissing the lawsuit. Miller previously had granted class-action status to the lawsuit on behalf of landowners whose property is physically crossed by Exxon Mobil's Pegasus pipeline from Corsicana, Texas, to Patoka, Ill. The couples sued after the pipeline, which also runs through Arkansas and Missouri, ruptured in a Mayflower neighborhood on March 29, 2013, and spilled an estimated 134,000 gallons of heavy crude oil. Exxon Mobil's attorneys also contended that the plaintiffs have failed to show that Exxon's easements along the Pegasus pipeline have created any duties for the company "to maintain and repair the pipeline to the satisfaction of plaintiffs.