Friday, April 16, 2010

Exxon Mobil's (NYSE:XOM) Record Oil Well

Exxon Mobil (NYSE:XOM) announced it has drilled the longest extended-reach oil well in the world on a fixed offshore platform from a drilling rig.

The rig, located off the coast of California, is over 7,000 feet below sea level, and then extends another 6 miles horizontally.

Located in the Santa Ynex Unit close to Santa Barbara, the area has produced over 450 million barrels of oil since 1981, claims Exxon, and the record drilling will result in an additional 5.8 million barrels of oil.

Exxon has adopted the technology from its need to adapt to conditions in the Sakhlin Island area of Russia, where they had to learn to tap wells deep under the ocean and miles away from the area.

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