Exxon Starting Development of $4 Billion Gulf of Mexico Field
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Exxon Mobil Corp., the largest U.S. oil company, said it will invest more than $4 billion in the development of its Julia oil field in the Gulf of Mexico.
Oil production is expected to start in 2016 from the field, which was discovered in 2007, Irving, Texas-based Exxon said in a statement today. The resource in place is estimated to be almost 6 billion barrels, Exxon said.