Mobil Confirms Major Oil Discovery in Deepwater Gulf of Mexico
15 July 1999
MOBIL CONFIRMS MAJOR OIL DISCOVERY IN DEEPWATER GULF OF MEXICO
FAIRFAX, Va.--July 15, 1999--Mobil Corporation announced today its domestic exploration and producing affiliate, Mobil Exploration & Producing U.S. Inc. (MEPUS), has confirmed a significant oil discovery in the deepwater Gulf of Mexico. The Crazy Horse prospect, located in more than 6,000 feet water depth, is anticipated to be the largest deepwater discovery to date in the Gulf of Mexico with estimated potential reserves of at least one billion barrels of oil equivalent (boe).The Crazy Horse discovery well, drilled to a total depth of 25,782 feet in Mississippi Canyon Block 778, is located in the central gulf region about 125 miles southeast of New Orleans. The well was temporarily plugged and abandoned July 4, 1999, in order to plan for the appraisal of the discovery. Mobil holds a 25 percent interest in the three blocks that encompass the Crazy Horse structure. The company also has a 25 percent interest in five additional blocks that offer additional potential for Mobil's deepwater program in the area. BP Amoco, as operator of the Crazy Horse prospect, owns the remaining 75 percent interest.
Mobil is an integrated oil and gas company with significant holdings in the deepwater Gulf of Mexico. The company is currently the seventh largest deepwater lease acreage holder in the Gulf of Mexico, with more than 295 blocks in water depths greater than 1320 feet.
