Oil and gas giant Exxon Mobil Corp. said Thursday it will drill in an Arctic oil and gas region to bolster its ability to extract energy from the remote waters of the Arctic Ocean.
The company said it will begin drilling exploratory wells on an area in the Beaufort Sea, the same area where Exxon Mobil said it planned to start drilling in 2013.
The drilling in the oil-rich Beaufort will begin in 2018 and is expected to produce more than 1.4 million barrels of oil and 1.6 million barrels daily, Exxon said in a statement.
Exxon Mobil’s announcement follows a separate announcement by British oil giant BP Plc.
that it is exploring for oil in the same Beaufort oil and natural gas fields.
BP said it plans to start producing oil in 2021.