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Deepwater Exploration Well Not Commercially Viable

Source: Reuters 9/16/2010, Location: Africa

A deepwater exploration well that Exxon Mobil Corp drilled offshore Libya was not commercially viable, an executive said on Thursday.

The well "ultimately proved to be unsuccessful," Andrew Swiger, a senior vice president at the Irving, Texas, company told the Barclays Capital CEO Energy-Power Conference.

The project was first announced in 2009 was a collaboration between Exxon and Libya's National Oil Company.

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