Exxon resumes drilling at Alaska's North Slope

• Exxon Mobil (NYSE:XOM +0.2%) says it has restarted drilling operations at Point Thomson on Alaska's North Slope with expectations that natural gas condensate production will start in 2016.
• XOM expects the $2.6B project to produce up to 10K bbl/day of natural gas condensate and 200M cf/day of natural gas.
• XOM says the Point Tomson reservoir holds ~8T cf of natural gas and associated condensate, which represents 25%of known gas resources on the North Slope and could be used to partially underpin the proposed Alaska LNG project.