ExxonMobil’s Big Discovery in Gulf

Gulf of Mexico

Image by bgautrea via Flickr

 ExxonMobil Corp. disclosed details Wednesday of an oil and gas field that could prove to be one of the largest discoveries in the Gulf of Mexico in recent years. The oil giant said three discoveries at its exploration project 250 miles southwest of New Orleans have the combined potential for more than 700 million barrels of recoverable oil and gas equivalent. Argus Research analyst Phil Weiss said he couldn’t recall a discovery reported recently that was on that scale.

Exxon’s announcement makes it the first company to discover oil from a new deep-water well in the Gulf of Mexico since last year’s massive oil spill. Exxon said plans to drill last year were halted after the U.S. imposed a temporary ban on deep-water drilling because of the devastating oil spill in the Gulf south of Louisiana. Steve Greenlee, president of ExxonMobil Exploration Co., said more than 700 million barrels of oil equivalent could be tapped by underwater wells in the region.

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