ANCHORAGE, Alaska -
Exxon Mobil Corp. said late Tuesday it will lead a $1.3 billion project to drill for hydrocarbons in the Point Thomson field on the Alaska North Slope.
The Irving, Texas-based company, the largest U.S. oil producer, said drilling will begin during the 2008-2009 winter season, with initial production slated for the end of 2014. Exxon Mobil (nyse: XOM - news - people ) said it has submitted its plan to the Alaska Department of Natural Resources.
Other Point Thomson Unit (nyse: UNT - news - people ) owners include BP (nyse: BP - news - people ) Exploration (Alaska) Inc., Chevron (nyse: CVX - news - people ) USA Inc. and ConocoPhillips (nyse: COP - news - people ) Alaska Inc.
Exxon Mobil said about 200 million cubic feet of natural gas per day would be produced initially. About 10,000 barrels per day of liquid condensate will then be separated from the gas and shipped through new and existing oil pipelines, while the remainder will be pumped back into the reservoir to maintain pressure.
Exxon Mobil currently produces about 140,000 barrels of oil per day in Alaska.
Exxon Mobil shares fell 71 cents to $86.30 in premarket trading after closing at $87.01 on Tuesday
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