HOUSTON, May 7 (Reuters) - Exxon Mobil Corp said onTuesday it is starting a $4 billion project to develop the Juliaoilfield in the Gulf of Mexico.
Initial production is expected to begin in 2016 at 34,000barrels per day, the company said. The field is estimated tohold an estimated 6 billion barrels of oil and comprises fiveleases in the ultra-deepwater Walker Ridge area of the Gulf ofMexico.
Exxon is the operator, holding a 50 percent interest inJulia. Statoil ASA holds the other 50 percent.
Julia is one of a string of potentially huge discoveries inthe deepwater Gulf of Mexico since 2010.
BP Plc, Chevron Corp, Royal Dutch Shell Plc are all developing possible large fields in the Gulf.