ExxonMobil Announces TX EOR Project - 40 Million BBL Projected Over 25 Years

[hatrack]

ExxonMobil Production Company announced a project at the Hawkins Field in northeast Texas to recover the equivalent of an additional 40 million barrels of oil, an amount equal to the annual energy needs of over one million Texas households. "These advanced technologies breathe life into mature fields, thereby producing more resources for energy consumers."

The project will extend the life of the field, discovered by ExxonMobil in 1940, for an additional 25 years.*

"ExxonMobil is applying some of its most advanced technologies to mature oil and natural gas fields. The investment is part of an ongoing effort to find, develop and produce more domestic supplies of oil and gas to meet the country's growing energy needs," said Kok-Yew See, ExxonMobil's U.S. production manager. "These advanced technologies breathe life into mature fields, thereby producing more resources for energy consumers."

He added, "ExxonMobil continues to invest in oil and natural gas development in Texas. Over the past three years our capital expenditure in the state exceeded $700 million. These investments help create jobs and contribute to the economic growth of the region and state. They also help maintain Texas' position as the leading U.S. oil and natural gas producing state."

EDIT

http://www.rigzone.com/news/article.asp?a_id=85620&hmpn=1

* - So, 40 million/25 - 1.6 million barrels per year/365 = 4384 barrels/day.

Or, another way of looking at it, 2.435 e-4 of our daily oil consumption.

Yay. We're saved.

[ck4829]

1. Yeah sure, are they actually going to get oil, or are they going to just sit on the field?

Like how they did in Alaska?

[TxRider]

2. That is only one field out of 1294 Texas oil fields.

There is about 4.5 billion barrels in Texas still under the ground.

Current oil production in Texas is about 33.5 million barrels per day.

The situation is that it harder to get to as we have already pumped the easy to get to oil, and it is more expensive to get every year with environmental costs etc.

But as prices go up, making it profitable to produce, it will be produced.

Every time we have a price shock, oil derricks start flying up everywhere, and workover rigs start filing in to recondition old wells.