ExxonMobil Discovers Hydrocarbons in Dabakan-1 Well, Invests $1.3 Billion in Point Thomson Gas Project

Strategic Insights -

ExxonMobil, one of the world's leading energy companies, announced a significant discovery of hydrocarbons in the Dabakan-1 well in the Sulu Sea off southern Philippines. The company's drilling data revealed the presence of reservoir sands and hydrocarbons, with plans to drill further to a total depth of approximately 5,000 meters, making it the deepest well in the Philippines. Separately, ExxonMobil is investing heavily in the Point Thomson gas and condensate field in Alaska, with a total expenditure of $1.3 billion expected to complete the project by 2014.

Key Takeaways:

  • ExxonMobil has discovered hydrocarbons in the Dabakan-1 well in the Sulu Sea, Philippines, with plans to drill further to a total depth of 5,000 meters.
  • The company expects to produce 10,000 barrels per day of condensates by 2014 from the Point Thomson gas and condensate field in Alaska.
  • ExxonMobil's diversified portfolio of assets helps produce stable results throughout the commodity price cycle.
  • The company is investing an estimated $100 million per well in the Dabakan project.
  • BP, Chevron, and ConocoPhillips are partners with ExxonMobil in the Point Thomson project.
  • Ford Motor Company has increased prices by an average of 2.7% for its vehicles sold in the U.K. for the fourth time this year.
  • The price hike is due to the continuous depreciation of the pound against the euro.

Statistics:

  • ExxonMobil plans to drill another well in Dabakan shortly.
  • The estimated drilling cost of each well is $100 million.
  • ExxonMobil has spent $300 million on the Point Thomson project till date.
  • The company expects a total expenditure of $1.3 billion for completion of the project by 2014.
  • Production from the company's ongoing projects will play a leading role in upstream growth.
  • The company's diversified portfolio of assets helps produce stable results throughout the commodity price cycle.

Sources:

  • ExxonMobil Corporation
  • Euclid Infotech Pvt. Ltd.
  • Syndigate.info an Albawaba.com company