Julia was a 1998 lease which include the royalty relief exemption to stimulate deep water production. federal gov royalty payments are suspended until developments costs are recouped. if the 6 billion barrel number is correct than it is a giant
the partnership with xom is to be a pattern occurring more frequently...(Tanzania and Russia). Like xom. Statoil is a class act and one of the best, if not the best offshore. The Walker Ridge block where Julia is located will likely prove to be the most productive petroleum system in the GOM.