ExxonMobil hits oil field in Gulf of Mexico with potential yield of 700 M barrels
Irving, TX, United States (AHN) – ExxonMobil announced that it struck oil in the Gulf of Mexico with a potential yield of 700 million barrels. Aside from oil, ExxonMobil also found natural gas in its first deep water exploration after the moratorium placed by the U.S. government.
ExxonMobil President Steve Greenlee said on Wednesday that the oil find is one of the largest discoveries in the Gulf in the last 10 years. ExxonMobil spent $7.8 billion in the first quarter of 2011 developing new energy supplies.
An oil trader commented that ExxonMobil’s new discovery would provide sufficient oil to power the country for 28 days. The trader’s estimate is based on a daily consumption of 25 million barrels of oil.
While it is not the solution to the U.S. long-term demand for crude, the ExxonMobil find will likewise not create an impact on world oil supply and consumption.
Global use is 72 million barrels of crude oil daily. The ExxonMobil discovery could power the world for only 10 days, an industry expert reckoned.
However, it would definitely boost further ExxonMobil’s profits. The exploration firm registered profits of $10.7 billion last year. The 69 percent rise in profit is partly due to higher world oil prices. The soaring profits translated into $7 billion Q1 dividends for ExxonMobil stockholders.
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