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Exxon to invest $340m in Texan oil field

14 January, 10
Esso's parent company ExxonMobil has said it intends to boost production at an oil field in Texas which has been operating for 70 years.

The US energy giant said its planned $340 million (£208 million) investment in the Hawkins Field will extend its life by 25 years, during which time 40 million barrels of oil will be drawn from the site.

Thanks to the new technology, Esso's parent company will be able to push more oil and natural gas to the surface by reusing nitrogen which it injects into the wells.

Exxon's production manager for Texas Stu Jeffries pointed out to the Dallas Morning News that it has wells in the state which date back to the 1930s.

"That's a very long-held commitment to the state," he remarked.

Earlier this week, Esso's parent firm announced it has agreed a deal with Petrobras and the Turkish National Oil Company over exploration rights in the Black Sea.

Posted by Matt HaskinsADNFCR-2675-ID-19558079-ADNFCR

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Exxon to invest $340m in Texan oil field