This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Statoil Sanctions The Julia Field Development In The Gulf Of Mexico

HOUSTON, May 7, 2013 /PRNewswire/ -- Statoil and operator Exxon Mobil have decided to sanction the Julia field development in the Gulf of Mexico. The field, located approximately 200 miles south of New Orleans, Louisiana, was discovered in 2007 and is estimated to have nearly six billion barrels of resource in place. 

Today's announcement confirms the agreement between operator Exxon Mobil Corporation and Statoil to proceed with field development, estimated to take approximately three years.  The partners each own 50 percent of the field.

Julia will be a subsea tieback to the Jack and St. Malo floating production platform, located approximately 15 miles away, which is operated by Chevron U.S.A. Inc.

Statoil also is a co-owner in the Jack and St. Malo developments, sanctioned in 2010.

"We are very pleased to move ahead with the first phase of this important development," said Jason Nye, senior vice president, Statoil U.S. Offshore.  "The Julia field is a strong addition to our growing portfolio in the Gulf of Mexico. Julia has a substantial long-term production potential which is expected to be fully realized through the application of technology to unlock its full potential."

Drilling operations are planned to start in 2014, and production start-up is planned for 2016. The lifetime of the Julia field is estimated to be up to 40 years, with an initial production rate of up to 34,000 barrels of oil per day.

Facts about the Julia field:
  • Discovered in 2007.
  • The total reservoir is estimated to contain nearly six billion barrels of resource in place.
  • Investment decision in April 2013, production start-up in 2016.

Statoil is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is headquartered in Norway with 21,000 employees worldwide, and is listed on the New York and Oslo stock exchanges. More information on


SOURCE Statoil

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs