Scheduled for initial production startup in 2016, the field is expected have an initial production capacity of about 10,000 barrels per day of natural gas condensate.
The project is situated on state acreage along the Beaufort Sea, 60 miles east of Prudhoe Bay and 60 miles west of the village of Kaktovik.
ExxonMobil Development Company arctic vice president Jim Flood said: "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."
The Point Tomson reservoir has an estimated 8 trillion cubic feet of natural gas and related condensate, which is similar to kerosene or diesel.
More than $2.6bn has been invested by ExxonMobil and working interest owners in the development of Point Thomson till the end of 2014.
ExxonMobil is the operator of the field while other partners include BP, ConocoPhillips and Leede Operating Company.
