The Gorgon Project is being progressed by an unincorporated joint venture consisting of subsidiaries of ExxonMobil, Chevron and Shell. The Project seeks to develop the greater Gorgon gas fields – a world class gas resource - off the Western Australian coast.

The development concept consists of subsea infrastructure for the production and transport of gas from the greater Gorgon gas fields to a gas processing facility located on Barrow Island. The development concept for the Jansz field includes a sub-sea tieback which will be one of the longest in the world and which will access gas that lies in almost 1400 metres of water.

LNG will be produced at the gas processing facility and shipped to customers internationally. ExxonMobil is currently marketing its equity share of Gorgon LNG and is aggressively pursuing a number of market opportunities in key customer countries in Asia.

The project not only has the potential to deliver a reliable and large volume of LNG supply internationally but will deliver a number of benefits to Australia through the generation of more than $17 billion in royalties, an increase in exports of $2 billion per year and the creation of over 6000 jobs.

Under the Framework Agreement signed in April 2005 between ExxonMobil and its joint venture partners, the project will encompass 11 gas fields in the greater Gorgon area, including Gorgon and Jansz, containing an estimated total recoverable resource in excess of 40 trillion cubic feet (TCF) of natural gas.

The Framework Agreement established a new ownership structure for the project where: Chevron has 50 percent, ExxonMobil 25 percent and Shell 25 percent. ExxonMobil will continue as the upstream operator of the Jansz field and Chevron as Gorgon Project operator.