Located 200 miles south of New Orleans, Louisiana, the Julia field is believed to contain as much as six billion barrels of oil and gas. The agreement between the two companies will see $4 billion ploughed into the field’s development, which Exxon and Statoil claim has a 40 year life span.
First discovered in 2007, Julia is expected to take approximately three years to develop with production expected to commence in 2016. The initial development phase includes six production wells tied to Chevron's Jack and St. Malo production facility located approximately 15 miles away. Once operational some 34,000 barrels of oil a day will be produced via a nearby floating production facility run by Chevron.