Exxon & Statoil to begin developing Julia oil field in Gulf of Mexico
BY DEBBIE CAI
HOUSTON -- Exxon Mobil and Statoil have agreed to begin jointly developing the Julia oil field, estimated to hold nearly 6 Bbbl resources, in the Gulf of Mexico.
The companies each own a 50% stake in the field, located about 200 miles south of New Orleans and which is expected to take about three years to develop.
Exxon said capital cost for the project, which is expected to begin oil production in 2016, is estimated to be more than $4 billion.
The field will initially produce 34 Mbopd and includes 6 wells with subsea tie backs to the Jack & St. Malo production facility operated by Chevron.
Two weeks ago, Exxon reported its 1Q profit rose slightly compared with last year' s but its production of oil and natural gas fell for the seventh consecutive quarter on a year-over-year basis.
Dow Jones Newswires