KUALA LUMPUR, Malaysia, March 26, 2008 -- ExxonMobil Exploration and Production Malaysia Inc.(EMEPMI), a subsidiary of Exxon Mobil Corporation, and the Malaysia national oil company, PETRONAS, will continue to work together to help ensure sustainable energy supplies for Malaysia under a planned new 25-year Production Sharing Contract (PSC).

Under the terms of the Main Principles Agreement for a new PSC, EMEPMI and PETRONAS Carigali, a subsidiary of PETRONAS, will commit to implement significant enhanced oil recovery (EOR) activities and major investments to continue conventional oil development.

EMEPMI Chairman Liam M. Mallon, accompanied by Exxon Mobil Corporation Senior Vice President Mark Albers, today signed the Main Principles Agreement on behalf of EMEPMI. PETRONAS was represented by its Vice President of Exploration & Production Ramlan A. Malek, while PETRONAS Carigali was represented by its Managing Director / Chief Executive Officer Datuk Abdullah Karim. PETRONAS’ President & CEO Tan Sri Dato Sri Mohd Hassan Marican was also present.

Mallon said, "We are proud of the partnership and collaboration that we have with PETRONAS that have allowed us to deliver the energy supplies required by Malaysia in the past and now for many more years to come.  This is an exciting opportunity for the Malaysian workforce and will enable the latest technology applications, capability and collaboration to ensure efficient development of the substantial remaining reserves offshore Peninsular Malaysia."    

Mallon said the signing of the agreement represented another chapter in ExxonMobil's history in Malaysia with PETRONAS and its operating arm, PETRONAS Carigali Sdn Bhd.  "It attests to the hard work and diligence by many people in ExxonMobil, Petronas and Carigali and coincides with the 40th anniversary of the signing of our first petroleum agreement with Malaysia on April 16, 1968," said Mallon.

EMEPMI has invested more than US$15 billion in Malaysia over the past 40 years. The company operates 43 platforms in 17 fields offshore Terengganu, Peninsular Malaysia, as one of country's major suppliers of crude oil and natural gas.  Daily operated production is about 150,000 barrels of oil and approximately 1.2 billion cubic feet of natural gas. 

EMEPMI has working interest in six production sharing contracts with PETRONAS.