Two major oil discoveries and a gas discovery in the deepwater Gulf of Mexico have been announced by Exxon Mobil Corporation (NYSE:XOM) after drilling the company’s first post-moratorium deepwater exploration well.
They estimate a recoverable resource of more than 700 million barrels of oil equivalent which is one of the largest discoveries in the Gulf of Mexico in the last decade. More than 85 % of the resource is oil with additional upside potential.
ExxonMobil has drilled 36 deepwater wells in the Gulf of Mexico in water ranging from 4,000 feet to 8,700 feet over the past decade. Together with their joint venture partners and other lessees in the area they determine the best way to safely develop these resources as rapidly as possible.
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- ExxonMobil, USA