BP oil find in gulf

C

Chapdog

Abreast of the situations
Sept. 2 (Bloomberg) -- BP Plc, Europe’s second-largest oil company, reported a “giant” discovery at the Tiber Prospect in the U.S. Gulf of Mexico that may contain more than 3 billion barrels, after drilling the world’s deepest exploration well.

The well is located about 250 miles (400 kilometers) southeast of Houston, the London-based company said today in a statement. It was drilled to approximately 35,055 feet (10,685 meters), greater than the height of Mount Everest.

The latest discovery will help BP, already the biggest producer in the Gulf of Mexico, boost output in the region by 50 percent to 600,000 barrels of oil equivalent a day after 2020. It’s equal to about a year’s output from Saudi Arabia, the biggest exporter in the Organization of Petroleum Exporting Countries, as well as coming close to matching the U.K.’s entire proven reserves.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a44RUTBIl_3Q
 
oh no. save the planet. Keep the oil of limits. OR give it to predominantly brown nations.

The worst thing would be if this find made gas cheaper for white people.

I hope the cartel pays off the right people so americans keep getting gouged.

This is bad news.
 
Chapdog said:
Sept. 2 (Bloomberg) -- BP Plc, Europe’s second-largest oil company, reported a “giant” discovery at the Tiber Prospect in the U.S. Gulf of Mexico that may contain more than 3 billion barrels, after drilling the world’s deepest exploration well.

The well is located about 250 miles (400 kilometers) southeast of Houston, the London-based company said today in a statement. It was drilled to approximately 35,055 feet (10,685 meters), greater than the height of Mount Everest.

The latest discovery will help BP, already the biggest producer in the Gulf of Mexico, boost output in the region by 50 percent to 600,000 barrels of oil equivalent a day after 2020. It’s equal to about a year’s output from Saudi Arabia, the biggest exporter in the Organization of Petroleum Exporting Countries, as well as coming close to matching the U.K.’s entire proven reserves.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a44RUTBIl_3Q
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but but... that lease isn't producing right now... they are sitting on their lease...

:rolleyes:
 
uscitizen said:
so did the economists that could not see the collapse coming.

Just saying that this has to be an estimate and not factual.
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It's a rough estimate.

Also, it pays to know something about the industry, because the journalists who write these types of articles are generally clueless.

The estimate, as far as I can tell is three billion barrels of oil in the ground.

There's a bloomberg article that says they expect low recovery rates, based on the location and the play. Around 5 to 15% recoverable.

That means there's possbily 150 million to 450 million barrels of oil that could potentially be produced, if i did the arithmetic off the top of my head correctly.

Decent to be sure. But, nothing extrodinary. .
 
TheHappyHippo said:
Geology is a hard science. Economics is a soft science.

There's pretty big difference there.
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Yeah economics we can see and count geology we can't. Makes perfect sense to me.

We still have not drilled deep enough to make a hole in the elves floor.
Oil is really elf sewage.
 
uscitizen said:
Yeah economics we can see and count geology we can't. Makes perfect sense to me.
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The natural sciences are phsyics, astronomy, chemistry, and geology. Geologists can directly test their assumptions. Just because they can't directly see it doesn't disprove what they say any more than it disproves the existence of quasars.
 
TheHappyHippo said:
The natural sciences are phsyics, astronomy, chemistry, and geology. Geologists can directly test their assumptions. Just because they can't directly see it doesn't disprove what they say any more than it disproves the existence of quasars.
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Was it aristotle who thought earthquakes were caused my hot air under the ground?

And then later they were thought to be caused by lightening.

But God causes them to punish conservatives.
 
uscitizen said:
Was it aristotle who thought earthquakes were caused my hot air under the ground?

And then later they were thought to be caused by lightening.

But God causes them to punish conservatives.
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You mean all those conservatives on the coast in California......:). Couldn't resist that one uscitizen. Have a good day.
 
Cypress said:
It's a rough estimate.

Also, it pays to know something about the industry, because the journalists who write these types of articles are generally clueless.

The estimate, as far as I can tell is three billion barrels of oil in the ground.

There's a bloomberg article that says they expect low recovery rates, based on the location and the play. Around 5 to 15% recoverable.

That means there's possbily 150 million to 450 million barrels of oil that could potentially be produced, if i did the arithmetic off the top of my head correctly.

Decent to be sure. But, nothing extrodinary. .
Click to expand...

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aNrwOK1CUmMA

In other words, when Cypress read the Bloomberg article... the 'estimate' (as far as he can tell) was listed in the article at 3b brls. The 'arithmetic' he did, came from reading the article that stated only about 450 million brls were estimated recoverable.

Good work Gumby. way to use those math skills.
 
Honestly I have to agree with the older gentleman from Kentucky here. Education/College has it limits when not coupled with some common sense. That should be easy to see just by looking at all the educated idiots out there.

The speculation of the size of the oil find.....a best guess-timate by folks more qualified to make that guess-timate than I am, but I doubt that they are exactly right.
 
Superfreak said:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aNrwOK1CUmMA

In other words, when Cypress read the Bloomberg article... the 'estimate' (as far as he can tell) was listed in the article at 3b brls. The 'arithmetic' he did, came from reading the article that stated only about 450 million brls were estimated recoverable.

Good work Gumby. way to use those math skills.
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Wrong link genius.

That's the Sept. 2 bloomberg article.

I was reading the Sept 3 bloomberg article

Sept. 3 (Bloomberg) :

Recovery rates from Tiber are likely to be low, if the example of BP’s earlier Kaskida discovery in the same region is anything to go by, said Richard Griffith, an analyst at Evolution Securities Ltd. in London. Rates of between 5 percent and 15 percent were talked about in connection with Kaskida, he said.

http://www.bloomberg.com/apps/news?pid=20601086&sid=aeGpXwL7lH3U
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I need to start keeping a repository of posts from Dixie and the one or two rightwingers who are obsessed with proving "Cypress is lying!", but who always end up with egg on their face.
 
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