A huge oil field was just found in the gulf of mexico..Looks like the war on terror is over...and gas prices will go down even more
http://www.usatoday.com/money/indust...k_x.htm?csp=34
Oil companies: Tests may suggest significant oil field in Gulf of Mexico
Posted 9/5/2006 9:04 AM ET E-mail | Save | Print | Subscribe to stories like this
OSLO (AP) ? Tests of a deep-water well in the Gulf of Mexico could indicate a significant oil discovery, three companies said Tuesday, in the first project to tap into a region that reportedly could boost U.S. oil and gas reserves as much as 50%.
The Jack 2 well was drilled by U.S. oil company Chevron (CVX), with partners Statoil of Norway and Devon Energy (DVN) of Oklahoma City.
"Test results are very encouraging and may indicate a significant discovery. The full magnitude of the field's potential is still being defined," Statoil said in a statement.
During the test, the Jack 2 well sustained a flow rate of more than 6,000 barrels of oil per day, Statoil said.
The Wall Street Journal reported Monday that Chevron and Devon officials estimate that recent discoveries in the Gulf of Mexico's lower-tertiary formations hold up to 15 billion barrels' worth of oil and gas reserves, a total that would boost the nation's current reserves 50%.
The well was drilled in the Walker Ridge area of the Gulf, about 270 miles southwest of New Orleans and 175 miles off the coast. It followed up a discovery made by Chevron in 2004.
"This area is one of the new and promising deep-water areas in the Gulf of Mexico," said Oivind Reinertsen, senior vice president of Statoil's Gulf of Mexico assets in Houston.
"The Jack 2 well test data are encouraging and may form the basis of future development projects in Walker Ridge," he said.
In a separate statement, Chevron said the well set a variety of records, including the deepest well successfully tested in the Gulf of Mexico. Chevron said it was drilled to a total depth of 28,175 feet in waters that are 7,000 feet deep.
Chevron has a 50% stake in the field, while Statoil and Devon own 25% each.
http://www.usatoday.com/money/indust...k_x.htm?csp=34
Oil companies: Tests may suggest significant oil field in Gulf of Mexico
Posted 9/5/2006 9:04 AM ET E-mail | Save | Print | Subscribe to stories like this
OSLO (AP) ? Tests of a deep-water well in the Gulf of Mexico could indicate a significant oil discovery, three companies said Tuesday, in the first project to tap into a region that reportedly could boost U.S. oil and gas reserves as much as 50%.
The Jack 2 well was drilled by U.S. oil company Chevron (CVX), with partners Statoil of Norway and Devon Energy (DVN) of Oklahoma City.
"Test results are very encouraging and may indicate a significant discovery. The full magnitude of the field's potential is still being defined," Statoil said in a statement.
During the test, the Jack 2 well sustained a flow rate of more than 6,000 barrels of oil per day, Statoil said.
The Wall Street Journal reported Monday that Chevron and Devon officials estimate that recent discoveries in the Gulf of Mexico's lower-tertiary formations hold up to 15 billion barrels' worth of oil and gas reserves, a total that would boost the nation's current reserves 50%.
The well was drilled in the Walker Ridge area of the Gulf, about 270 miles southwest of New Orleans and 175 miles off the coast. It followed up a discovery made by Chevron in 2004.
"This area is one of the new and promising deep-water areas in the Gulf of Mexico," said Oivind Reinertsen, senior vice president of Statoil's Gulf of Mexico assets in Houston.
"The Jack 2 well test data are encouraging and may form the basis of future development projects in Walker Ridge," he said.
In a separate statement, Chevron said the well set a variety of records, including the deepest well successfully tested in the Gulf of Mexico. Chevron said it was drilled to a total depth of 28,175 feet in waters that are 7,000 feet deep.
Chevron has a 50% stake in the field, while Statoil and Devon own 25% each.
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