ExxonMobil plans to set up shop in RP

ExxonMobil Corp., one of the world’s biggest oil companies in the world, is planning to set up shop in the Philippines, according to documents filed with the Securities and Exchange Commission (SEC).

ExxonMobil, through sister firm ExxonMobil Exploration and Production Philippines B.V., has sought the approval of the Securities and Exchange Commission (SEC) to establish a branch office in the Philippines.

ExxonMobil recently acquired a 50- percent interest in Service Contract No. 56 which covers an area of around 862,000 hectares in the Sulu Sea.

The SEC has expressed concerns over the offered commitment to fund to be issued by Exxon Equity, an ExxonMobil Corp. affiliate that provides guarantees on behalf of subsidiaries and companies affiliated with ExxonMobil.

The fund commitment shall be in the amount of $50 million, over twice the cumulative minimum expenditures associated with 50-percent interest under Service Contract no. 56.

In the Asia-Pacific region, ExxonMobil has major exploration and production operations in Australia, Indonesia, Malaysia and Papua New Guinea. The company also has a significant refining and marketing presence in more than 12 countries in the region.

ExxonMobil, also known as Esso, Mobil, Imperial Oil, Tonen General and Exxon in different countries, produces 4.5 million barrels of oil a day. By 2010, it plans to spend $100 billion in looking for new oil and gas, and all but rules out a future role for renewable energy.

ExxonMobil is the second largest company in the United States based on Fortune 500’s 2007 ranking. It operates facilities or markets products in most of the world’s countries and explores for oil and natural gas on six continents.

In 2006, ExxonMobil had assets and net income amounting to around $219 billion and $39 billion, respectively.