Exxon Announces Major Oil Finds In US Gulf |
| Wall Street Journal - Jun 8, 2011 |
Exxon Mobil Corp. (XOM) on Wednesday unveiled two major oil discoveries and a natural-gas find in the deep-water Gulf of Mexico that combined could contain more than 700 million barrels of recoverable oil and gas resources--a sign that the region's energy potential is starting to reawaken from its Deepwater Horizon slumber.
Two of the finds, at the Hadrian South and Hadrian North prospects, had been made in 2009 and 2010 respectively. A third discovery was made in the same block of the Keathley Canyon area of the U.S. Gulf after the company drilled its first exploration well in the region since the lifting of the nine-month U.S. moratorium following the Deepwater Horizon disaster.
The find boosts Exxon's relative weigh in the Gulf, where the world's largest publicly traded oil company has lagged behind peers such as Chevron Corp. (CVX) and BP PLC (BP). The amount of recoverable oil and gas near Hadrian exceeds that of Chevron's Tahiti field, which accounts for about 40% of that company's oil and gas output in the U.S. Gulf.
"This is one of the largest discoveries in the Gulf of Mexico in the last decade," said Steve Greenlee, president of Exxon Mobil's exploration business. "More than 85% of the resource is oil with additional upside potential."
Read Full Article from Wall Street Journal
- Posted: 2011-06-08 10:27:49
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
