BP, eat your heart out
Exxon Mobil strikes it big with Gulf of Mexico oil discovery
After a long respite, drilling in the Gulf is back. Exxon Mobil Corp. has announced a major discovery in the Gulf of Mexico after drilling the company's first post-moratorium deepwater exploration well.
The well, located 250 miles southwest of New Orleans, has encountered over 475 feet of net oil pay, as well as a small amount of natural gas.
Steve Greenlee, president of ExxonMobil Exploration Company characterized the finding as "one of the largest discoveries in the Gulf of Mexico in the last decade," noting that "more than 85 percent of the resource is oil with additional upside potential."
The oil giant included two other discoveries in its announcement. Greenlee estimated "a recoverable resource of over 700 million barrels of oil equivalent" in the Keathley Canyon blocks, where the well, as well as various others, are located.
Roka Akor has closed.
Courtesy photo
