The company's latest full-scale undertaking is in northern Alaska at the big Point Thomson gas and condensate field, which is located about 60 miles east of Prudhoe Bay. According to company officials, about $300 million has thus far been expended on the project by Exxon and its partners, BP
The first two wells were drilled to 5,000 feet this summer -- the State of Alaska prohibits deeper penetration prior to the arrival of winter. The two wells are expected to be completed next year, with a trio of additional wells in the planning stage. This particular project is expected to produce approximately 10,000 barrels of condensate a day by 2014.
But the Point Thomson situation hasn't always gone smoothly. Earlier this year, Exxon returned eight leases to the state amid fighting over the lack of progress made by the companies in developing the field.
But at the same time, ExxonMobil has recently made a discovery while drilling in the southern Philippines, specifically in a prospect called Dabakan located offshore. At 5,000 meters, the well represents the deepest drilled thus far in the Phillipines. Exxon and its partners, Mitra Energy Ltd. and BHP Billiton
My strong feeling is that, during the next year or so, crude oil prices will move higher. On that basis alone, salting away some shares in ExxonMobil for Foolish investors with extensive time horizons may make sense. If history tells us anything, you'll be happy you did so.
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