Well could be the nation's biggest...

Damocles

Damocles

Accedo!
Staff member
new domestic source of oil...

http://money.cnn.com/2006/09/05/news/companies/chevron.reut/index.htm?cnn=yes

Chevron says Gulf drilling a success
Well could become the nation's biggest new domestic source of oil, according to newspaper report.
September 5 2006: 9:23 AM EDT


NEW YORK (Reuters) -- Chevron Corp. said Tuesday it had successfully drilled for oil in the Gulf of Mexico's deep waters, and one published report suggested the breakthrough could increase U.S. oil reserves by as much as 50 percent.

The successful well, known as Jack 2, reached a record total depth of 28,175 feet, coming in 7,000 feet of water, and more than 20,000 feet under the sea floor Analysts said the find suggested the success of that drilling may mean more oil than previously believed is available under the Gulf of Mexico, a region that already provides a quarter of U.S. output.

During the test at record depths and pressure, the Jack No. 2 well flowed at more than 6,000 barrels of crude per day, Chevron (Charts) said. That puts it on a par with discoveries in exploration hotspots such as the waters off Angola.

more at link...
 
Chevron says Gulf drilling a success
Well could become the nation's biggest new domestic source of oil, according to newspaper report.

This is inaccurate reporting.

Its not this "well" or even this field that will become the biggest new source of oil.

Its the entire region - the deepwater gulf of mexico - that will someday potenentially outpace alaska and Texas as the nation's largest source of oil. This has been known about for over a decade. The deep water gulf of mexico is arguably the last american frontier for giant oil fields.

Topspin should be stoked. Good news for chevron. And the american oil industry.
 
Its all going to run out, no matter how much we find... the big news would be finding a cheep easy alternative renreable resource.

The USA is already the worlds third largst producer of oil...!
 
I thought this big oil find in the Gulf of mexico is in MEXICO's water/boundaries? I read about this huge MEGA FIND of oil in the gulf of mexico about two months ago, and that they were seeking help from American oil companies to recoop it because they did not have the equipment to do it, and also that Mexico's constitution at that point did not permit them to go to Chevron etc to help with this oil retrieval....?

So, do you think this Mega find is in both usa waters and Mexico's waters and they are SEPARATE oild finds of mega proportions or are they one and the same?

And I have another question....why do our guys price their oil according to OPEC prices for oild and also WHY THE HECK do we have something like OPEC, which is totally uncompetitive and price fixing for oil?
 
Care4all said:
I thought this big oil find in the Gulf of mexico is in MEXICO's water/boundaries? I read about this huge MEGA FIND of oil in the gulf of mexico about two months ago, and that they were seeking help from American oil companies to recoop it because they did not have the equipment to do it, and also that Mexico's constitution at that point did not permit them to go to Chevron etc to help with this oil retrieval....?

So, do you think this Mega find is in both usa waters and Mexico's waters and they are SEPARATE oild finds of mega proportions or are they one and the same?

And I have another question....why do our guys price their oil according to OPEC prices for oild and also WHY THE HECK do we have something like OPEC, which is totally uncompetitive and price fixing for oil?
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The company who owns it is Conoco... The largest stakeholder. Just read the actual article there Care.
 
Damocles said:
The company who owns it is Conoco... The largest stakeholder. Just read the actual article there Care.
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as you could tell, I have not read the article yet...

But if they do have a MEGA FIND, and mexico also has said thet they have a HUGE MEGA FIND of oil deposts too, then you would think that oil would be down to a $1.00 a gallon like it was under Clinton for a short period, before ya know it!!!

Also:

Could you inform me or answer me on OPEC and why the usa businesses goes with their OPEC oil prices and why we allow this price fixing on one of the Earth's most valuable resource?
 
It is a fungible item, the price is what people will pay, Care. The "US" doesn't go along with price fixing, they just pay what they can get it for...
 
Damocles said:
It is a fungible item, the price is what people will pay, Care. The "US" doesn't go along with price fixing, they just pay what they can get it for...
Click to expand...

Correct. More to the point, how much oil is off our coasts? We don't drill because of environmental reasons, but now we have the reasons to do so. Will we?
 
Runyon said:
Correct. More to the point, how much oil is off our coasts? We don't drill because of environmental reasons, but now we have the reasons to do so. Will we?
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We don't drill off our coasts Runyon?
fyi
I believe we do so, BIGTIME....we don't drill off of the coast of Florida because the Floridians do not want it, including Jeb Bush and the Republican Congressmen and Senator for the State is against it BECAUSE their Coasts are their maine cash cow for the state of Florida and they can't risk damage from an oil spill accident or from a hurricane wiping out the wells spilling oil in to the gulf near them. But Louisianna, and mississippi, Alaska and Texas have a ton on oil wells and drilling.

In addition to this, for 150-200 miles off the west coast of Florida is a MILITARY -NO FLY ZONE for commercial aircraft. It is where the Airforce, and the Navy practice their "exercises" for war and the such....

When you fly from Tampa to Houston, the plane always heads north then crossed over past Louisianna before it can head south towards Houston.

This no fly zone area is very important area for our military, primarily Mc Dill Air Force base which is also the operation headquarters for the war in Iraq and on terror practices and trains...

Also, on the east coast of Florida, there is Cape Canaveral...the space shuttle takes off from there and their fuel boosters fall in the Atlantic off the florida central coast and all of that area is restricted air space also and the ocean below is restricted too, so that the boosters don't hit you.

care
 
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Anything more than 12 miles off the coast is considered international waters. We can explore there and so can anyone else. Only a few countries and companies have the technology to do deep water exploring or even pump the oil when found. China has been very interested in this area for a long time.

Oils not going to run out. There are still too many untapped sources out there.
 
topspin is very stooked

Best press release in my 24 yrs with the company.
Cypress is right in that the area of this huge discovery is called a trend and there will be many more.
It will take min 5 years to sell one drop of it, I work on these exact projects.
Care4 Opec controls us not the other way around, though for 50 yrs we fooled them into believing we wouldn't buy oil over $50bbl.
Now it's payback time in there eyes.
 
Gaffer said:
Anything more than 12 miles off the coast is considered international waters. We can explore there and so can anyone else. Only a few countries and companies have the technology to do deep water exploring or even pump the oil when found. China has been very interested in this area for a long time.

Oils not going to run out. There are still too many untapped sources out there.
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EVEN in the gulf of mexico? 12 miles off is international waters? I DON'T THINK SO....but maybe you are right and we have some sort of agreement with the international community to have this airspace restricted area for near half the gulf of mexico off of florida for our military?

so, are you including the gulf of mexico in that 12 miles off or not?
 
fyi....

Plan by Florida’s senators aims to provide atate with permanent protection from oil, gas rigs
Media Release
February 1, 2006

WASHINGTON, D.C. - Florida’s two U.S. senators on Wednesday unveiled “historic” legislation to permanently protect the state’s unique environment and tourism-dependent economy from the threat of offshore drilling.

The legislation, known as The Permanent Protection for Florida Act, provides lasting protections from drilling in the eastern Gulf of Mexico not only for the state’s economy and ecosystem, but also for the nation’s military training ranges in the eastern Gulf.

The bill, by Senators Mel Martinez and Bill Nelson, also takes into account the unreliability and increasing price of foreign energy supplies by allowing limited new exploration -- far off the state’s coast -- some 260 miles from Tampa Bay.

As the two senators crafted their bill over the past few weeks, it drew support from representatives of some of the country’s leading consumer and environmental groups, including the Florida Public Interest Research Group, or PIRG.

Both senators said the measure is needed now, especially because Florida can no longer rely on temporary moratoriums. Current presidential and congressional moratoriums prohibiting drilling expire in 2012. And an administrative agreement forbidding drilling in so-called Lease Sale 181 – an odd-shaped tract 213 miles off Tampa Bay -- expires next year.

And a development that further threatens the state came last month when the Department of Interior published a plan to shift state underwater sea boundaries and place much of Lease Sale 181 under the control of pro-drilling Louisiana.

Martinez and Nelson, who last year united to defeat two legislative attempts to allow drilling closer to Florida, urged the Senate to expedite passage of their proposal.

“This bill sends a message that’s loud and clear -- Florida’s waters are off limits,” Martinez said. “Florida’s leaders have worked too long and too hard on building up these protections just to have them disappear during a brief moment of high energy prices. We have a lot at stake and it’s time to solidify our protections into law.”

“Florida’s economy and environment, and our country’s military preparedness, are at stake,” Nelson said. “Our unspoiled beaches and abundant fisheries make Florida one of the world’s tourism jewels. And the people of Florida want it to stay that way.”

Specifically, the bipartisan bill would create a permanent no-drilling zone at least 260 miles offshore in much of the eastern Gulf. And off Pensacola and Florida’s East Coast, the no drilling zone would extend out to 150 miles offshore. It also would remove existing leases close to Florida’s coastline by granting royalty forgiveness on active leases in the western and central Gulf.


Continued at: http://billnelson.senate.gov/news/details.cfm?id=251015&
 
Damocles said:
It is a fungible item, the price is what people will pay, Care. The "US" doesn't go along with price fixing, they just pay what they can get it for...
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True capitalism DOES NOT work without TRUE competition...no? Isn't THAT PART of the equation?

So why do we allow this and why do we go along with it?
 
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Disney world and warm winters has very little to do with oil on the beaches. Heck texas and gulf beaches that allow drilling still have lots of tourism.
 
Care4all said:
True capitalism DOES NOT work without TRUE competition...no? Isn't THAT PART of the equasion?

So why do we allow this and why do we go along with it?
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It is what is. All oil is basically in one big pot, that is the only "fair" way to get it. Otherwise what would be happening is "enemies" would have to pay more, etc...

Simply wishing there was strong "competition" when oil is geographically inconsistent makes for a real ideation where inequity would be the norm.
 
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