Exxon Mobil drilling in Philippines
Exxon Mobil (NYSE:XOM) is ready to drill its third well in the South Sulu Sea of the Philippines, as they continue to search for oil reserves in the region.
The drill rig used on the previous two wells will be again put into use in the third well, and should be in the area no later than May, although there's a possibility it could arrive in April sometime.
Costs for drilling this well are estimated at $100 million.
There are an estimated 750 million barrels of oil at this particular location, according to the Philippine Department of Energy.
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