ExxonMobil is going deeper into the Gulf, it was announced early this evening.
It will be “commencing development of the Julia oil field in the Gulf of Mexico,” according to a company press release. The location is 265 miles southeast of New Orleans, and comprises five leases in the “ultra-deepwater” Walker Ridge area of the Gulf.
Oil production is slated to start in 2016, with a capital cost of more than $4 billion. The field was discovered in 2007, three years before the BP Deepwater Horizon disaster. Exxon says their efforts will bear “nearly six billion barrels of resource in place”.
The initial development phase is being designed for daily production of 34,000 barrels of oil. The well is more than 30,000 feet below the Gulf’s surface.
Exxon claims that “enhanced technologies” will be deployed to ensure the “safe and environmentally responsible development of this important energy resource.”
The company shares that over the past decade, ExxonMobil has drilled 36 deepwater wells in the Gulf, in water ranging from 4,000 feet to 8,700 feet.
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