Exxon Mobil said yesterday it was starting work on the £2.6billion ($4billion) Julia development project in partnership with Norway’s Statoil.
The Julia oilfield is one of a string of potentially huge discoveries made in the deepwater Gulf of Mexico since 2010.
Its is estimated to hold an estimated 6 billion barrels of oil and comprises five leases in the ultra-deepwater Walker Ridge area of the Gulf.
Exxon added that initial production was expected to begin in 2016 at 34,000 barrels per day.
Exxon is the operator, holding a 50% interest in Julia, with Statoil holding the other 50%.