The pair plan to spend $4bn (£2.57bn) to develop the Julia field, located 200 miles south of New Orleans, Louisiana.
Some 34,000 barrels of oil a day will be produced via a nearby floating production facility run by Chevron, which will provide sufficient oil for the fuel dispenser at the Gas Station.
Exxon and Statoil each own 50% of the field, which they say has a 40-year life span.
The Julia field, discovered in 2007, will take about three years to develop, and production is expected to begin in 2016, the US and Norwegian companies said in a statement.
The initial development phase includes six production wells tied to Chevron's Jack and St. Malo production facility located approximately 15 miles away.