Exxon, Statoil Kick $4B Ultra-Deepwater Project Into Gear

Law360, New York (May 8, 2013, 1:09 PM EDT) -- Exxon Mobil Corp. and a U.S.-based unit of Statoil ASA have started developing an ultra-deepwater Gulf of Mexico oil field dubbed Julia and expect to pour $4 billion into the project, Exxon said Tuesday.

The first phases of engineering design have been completed, and the companies have engineering, procurement and construction contracts in place, with the hopes of beginning oil production in the field by 2016, Exxon said. Both companies  own a 50 percent stake in the field.

“Julia is one of the first large oil...
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