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Exxon, Statoil to develop 6 bn barrel Gulf find

An Exxon sign is seen at a station on September 20, 2008 photo in Manassas, Virginia. ExxonMobil and Statoil have agreed to spend $4 billion to develop a six billion barrel oil field in the Gulf of Mexico, the two companies said.ExxonMobil and Statoil have agreed to spend $4 billion to develop a six billion barrel oil field in the Gulf of Mexico, the two companies said. The Julia oil field, about 200 miles (320 kilometers) offshore south of New Orleans, Louisiana, will take about three years to bring into production, they said in a statement late Tuesday.