Exxon Mobil Begins Production at Erha North Offshore Nigeria Project
September 16 2015 - 11:00AM
Dow Jones News
By Chelsey Dulaney
Exxon Mobil Corp. said Wednesday that it has begun production at
its new Erha North project offshore Nigeria five months ahead of
schedule, while affirming its forecast for 2% production growth
this year.
The deepwater project is located 60 miles offshore Nigeria and
inclues seven wells, with expected peak production of 65,000
barrels of oil a day. It will be tied to an existing Erha North
floating production, storage and offloading vessel, helping reduce
infrastructure.
Exxon said the project came in ahead of schedule and $400
million under budget due to the performance of its Nigerian
contractors.
The U.S. oil giant also on Wednesday affirmed its forecast for
2% production growth in 2015 to 4.1 million oil-equivalent barrels
per day.
While Exxon's profit has tumbled in recent quarters amid the
drop in crude prices, its production has continued to grow. In the
second quarter, the company's profit tumbled 52%, while production
improved 3.6% to 4 million oil-equivalent barrels per day.
Shares of Exxon, down 20% this year, added 1.5% to $73.98 a
share in morning trading.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Access Investor Kit for "EXXON MOBIL CORP"
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US30231G1022
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 16, 2015 10:45 ET (14:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Apr 2023 to Apr 2024