EXXON ANNOUNCES HAWKINS OIL FIELD PROJECT
Exxon Mobil Corporation announced a project to recover additional oil and natural gas in the Hawkins Field in northeast Texas.
The largest U.S. oil company by market value said the project will produce about 40 million barrels of oil equivalent, extending the life of the field, discovered by Exxon Mobil in 1940, for an additional 25 years.
Construction of the new facilities is expected to begin in the first quarter of this year. Project start-up is anticipated in late 2011.
Exxon is planning to invest $340 million in the project and its construction will result in approximately 300 jobs, according to the company.
The Irving, Texas, company will re-inject nitrogen and other gases from the field's natural gas production that will enable more oil and gas to be recovered from the reservoirs, the company said.
The Hawkins Field is located in Wood County, Texas, about 100 miles east of Dallas. Over the past 70 years, it has produced more than 800 million barrels of oil and is one of the largest ever discovered in Texas, the company said.
