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Huge Oil Field Found In Gulf of Mexico


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What could be a major discovery of domestic oil in the Gulf of Mexico was announced today by a trio of companies led by Chevron Corporation.

 

The discovery, in the deepest water yet explored in the Gulf, could be the biggest domestic oil field since the northern Alaska field opened a generation ago.

 

The news pushed the price of crude oil to a five-month low of $68.38 a barrel in midday trading, although tensions in the Middle East and the threat from hurricanes remained as concerns for traders.

 

The new field’s location near the coast of the United States makes it particularly attractive, said J. Admin Nichols, the chairman of Devon Energy Corporation of Oklahoma City, which holds a 25 percent interest in the find. The discovery “could not have happened in a better place,� he said in a news conference.

 

The prospective yield of the area, called the lower Tertiary, could approach six billion barrels of oil, Devon said. The other owner, with a 25 percent interest, is Statoil of Norway. Chevron owns 50 percent.

 

Statoil said the test results were “very encouraging and may indicate a significant discovery.� It said the company and its partners plan to drill another well in the area next year to try to determine the extent of the field.

 

Chevron said the well, known as Jack #2, and located 270 miles southwest of New Orleans, produced a “sustained flow rate of more than 6,000 barrels of crude oil per day� in a production test. The company said it found the oil producing formation about 20,000 feet below the bottom of the Gulf, with the well drilled to a total depth of 28,175 feet.

 

“More than half a dozen world records for test equipment pressure, depth and duration in deep water were set during the Jack well test,� Chevron said.

http://www.nytimes.com/2006/09/05/business...artner=homepage

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great news for the oil tycoons and lobbyists...maybe we should spend all that money on energy that doesnt start wars

 

Get over yourself already. Stop spamming every thread in the bull pen with your nonsense.

great argument...attack my argument, not me :whistle

You just dont get it. Youre acting like a child. Im not "attacking" you. What you have written is not an argument, its an irrational statement. Its a statement and its only intention is to get an over blown reaction out of certain people on this board. Its childish.

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Dead center of Gulf of Mexico = hurricane magnet. Each rig would have to be replaced every two years!

 

 

 

Hurricanes are not a huge issue for Oil rigs.

 

 

 

great news for the oil tycoons and lobbyists...maybe we should spend all that money on energy that doesnt start wars

 

Get over yourself already. Stop spamming every thread in the bull pen with your nonsense.

great argument...attack my argument, not me :whistle

 

You didn't have an argument, you had rhetoric.

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Dead center of Gulf of Mexico = hurricane magnet. Each rig would have to be replaced every two years!

 

 

 

Hurricanes are not a huge issue for Oil rigs.

 

 

 

great news for the oil tycoons and lobbyists...maybe we should spend all that money on energy that doesnt start wars

 

Get over yourself already. Stop spamming every thread in the bull pen with your nonsense.

great argument...attack my argument, not me :whistle

 

You didn't have an argument, you had rhetoric.

Jimmyjack's point was probably cloaked in bad partisan language. But much much worse has been said before. People have been called traitors and now we are calling out rhetoric?

 

Apart from the way he said it, his point is still valid. The oil industry has never been one for alternative energy innovation. This probably slows them down even more.

 

And do we no longer desire alternative energy because of something that isnt a long term solution but a temporary fix?

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Yeah I'm sure as hell not counting on the oil companies to push alternative energy...

 

The pressure has to come from the public and our elected representatives.

 

Why would Chevron or Exxon-Mobil want anything to change? They're making record profits, what's their motivation?

 

 

But in the short term this is certainly a good thing. Maybe this will quiet the bickering about opening up oil fields in Alaska.

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great news for the oil tycoons and lobbyists...maybe we should spend all that money on energy that doesnt start wars

 

Get over yourself already. Stop spamming every thread in the bull pen with your nonsense.

great argument...attack my argument, not me :whistle

You just dont get it. Youre acting like a child. Im not "attacking" you. What you have written is not an argument, its an irrational statement. Its a statement and its only intention is to get an over blown reaction out of certain people on this board. Its childish.

ok, so let me get this straight, you are saying im acting like a child and you arent attacking me...yeah...ok buddy...whatever helps you sleep at night...and what is irrational about saying that the people who run oil companies are greedy and corrupt (because they are)...fact is, they worship at the altar of the almighty dollar and pay people to ensure us of our oil dependency...im sorry if you cannot see this and im not just attacking bush and his cronies...this has been a problem since before the internet was created...we knew the problems with oil from the word go and ignored them...we need to find something better...period and end of story...and im not trying to get an overblown reaction by any means and it is childish to think otherwise :thumbup

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Jimmyjack's point was probably cloaked in bad partisan language. But much much worse has been said before. People have been called traitors and now we are calling out rhetoric?

 

Apart from the way he said it, his point is still valid. The oil industry has never been one for alternative energy innovation. This probably slows them down even more.

 

And do we no longer desire alternative energy because of something that isnt a long term solution but a temporary fix?

 

 

Many other people spout rhetoric as well. But don't try to defend an argument without making one. You have read a point into JimmyJack's post, and then backed it with and assertation that the oil industry is not seeking alternative fuels. That is incorrect:

 

Chevron and Georgia Tech have set up an alternative fuel research partnership.

Texaco has invested in a company that specializes in hydrogen fuel production and storage.

Exxon is involved in converting natural gas into a clean burning automobile fuel, as well as investing in bio-diesel research.

Shell is also invloved with gas-to-liquid fuel research.

 

The big oil companies want to be on the cutting edge of new fuels, because if they aren't, they will cease to be big companies.

 

So explain to me how oil starts wars...

 

 

All resources start wars, and that will be the case regardless of what happens with oil.

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Jimmyjack's point was probably cloaked in bad partisan language. But much much worse has been said before. People have been called traitors and now we are calling out rhetoric?

 

Apart from the way he said it, his point is still valid. The oil industry has never been one for alternative energy innovation. This probably slows them down even more.

 

And do we no longer desire alternative energy because of something that isnt a long term solution but a temporary fix?

 

 

Many other people spout rhetoric as well. But don't try to defend an argument without making one. You have read a point into JimmyJack's post, and then backed it with and assertation that the oil industry is not seeking alternative fuels. That is incorrect:

 

Chevron and Georgia Tech have set up an alternative fuel research partnership.

Texaco has invested in a company that specializes in hydrogen fuel production and storage.

Exxon is involved in converting natural gas into a clean burning automobile fuel, as well as investing in bio-diesel research.

Shell is also invloved with gas-to-liquid fuel research.

 

The big oil companies want to be on the cutting edge of new fuels, because if they aren't, they will cease to be big companies.

 

So explain to me how oil starts wars...

 

 

All resources start wars, and that will be the case regardless of what happens with oil.

ok...i was unaware of the various improvements by the oil companies...but my point...is that they should have been in place long ago...much like smoking cigarettes, we knew the damage from a very early time and we stood idle...and my point about oil starting wars...well...our oil embargo on japan caused the knee jerk reaction to bomb pearl harbor(because after all...all it did was to awake a sleeping giant), it started gulf war one...and ok...call me a bleeding heart liberal or whatever, but the only concievable reason for us being in iraq right now is because of oil...and there have been various other wars in the world where one of the major causes was oil...and while many of the world's resources have caused war...oil is leading that pennat race like the mets are...i guess what im trying to say...is that in the 1940's it took us 3 years to make a nuclear bomb...why...in 2006, can we not find a viable replacement for oil as a major energy source...i just think that boggles the mind and not in a good way

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