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ExxonMobil's Point Thomson project. Image courtesy of ExxonMobil.

ExxonMobil said Thursday it has resumed drilling at its Point Thomson project on Alaska’s North Slope as the company moves closer towards bringing the project’s initial production system online.

Point Thomson is located on state acreage along the Beaufort Sea, 60 miles east of Prudhoe Bay and 60 miles west of the village of Kaktovik

The initial production system is designed to produce up to 10,000 barrels per day of natural gas condensate and is scheduled to startup in 2016.

Two injection wells will work in tandem with a production well, cycling up to 200 million cubic feet of natural gas per day through an onsite central processing facility.

The condensate will then be transported by a 22 mile long pipeline to the Trans-Alaska Pipeline System.

The Point Thomson reservoir holds an estimated 8 trillion cubic feet of natural gas and associated condensate.

The gas represents 25 percent of known gas resources on the North Slope and could be used to partially underpin the proposed Alaska LNG project.

“Potential future development will depend on a range of factors such as business considerations, investment climate and the fiscal and regulatory environment,” ExxonMobil said.

As of the end of 2014, ExxonMobil and working interest owners have invested more than $2.6 billion in the development of Point Thomson with about 70 percent of that amount having been spent in Alaska.

Winter construction is continuing on the project with the opening of a 50 mile ice road from Deadhorse to the project’s central pad.

“The Point Thomson field is a vital part of unlocking Alaska’s North Slope gas resources. The initial production will give us invaluable insight into the potential development of the reservoir and help provide Alaskans with economic benefits,” ExxonMobil Development Company’s Arctic vice president Jim Flood said.