Exxon discovers 700 million barrels in Gulf of Mex

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Exxon discovers 700 million barrels in Gulf of Mex

Post by ToddS on Wed Jun 08, 2011 9:38 am

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June 8, 2011, 9:21 a.m. EDT

Exxon discovers 700 million barrels in Gulf of Mex

By Steve Gelsi


NEW YORK (MarketWatch) -- Exxon Mobil Corp. /quotes/zigman/203975/quotes/nls/xom XOM +1.46% said Wednesday it made two major oil discoveries and a gas find in the Gulf of Mexico with combined estimated reserves of 700 million barrels of oil equivalent. After drilling the company's first deepwater exploration well following a U.S. moratorium last year, Exxon struck oil in Keathley Canyon, about 250 miles southwest of New Orleans.

"This is one of the largest discoveries in the Gulf of Mexico in the last decade," said Steve Greenlee, president of Exxon Mobil Exploration Co. Exxon holds a 50% working interest in four Keathley Canyon blocks. Petrobras /quotes/zigman/265276/quotes/nls/pbr PBR +0.78% and Eni /quotes/zigman/130557/quotes/nls/e E +0.53% hold a 25% interest in three of the blocks. Petrobras also owns 50% of one of the blocks.

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