Breakings NEWS:Huge Oil Field found in Gulf of Mexico,War onTerror Over!
 

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:thumbsup


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.

bush still needs to invade korea before his term ends....so we still got awhile with high gas prices..:1orglaugh

interesting connection you made between finding a well and the war. Though you haven't thought that this is only going to allow it to continue since now they can fill the gas tanks up higher

We have tons of oil. In the Gulf and in Alaska but the tree huggers don't want us to drill in Alaska and the ppl who live on the gulf coast of FL dont want us to drill close to that coast.

this will increase our reserves by up to 50%...thats MAJOR !

good news

Mr. Romance

Good about the oil, no connection to the war I'm afraid though.

please make it be gold! This $65/tank fill up sucks!

I will believe it when I see it

well ill take it!!!!! but i dont trust it some big wigs always have thier hands in the cookie jar sooooooo ill believe it when i pull in mobil an its $2.00 for hi-test

Oil investing rocks!

What are you talking about? Where do you live that gas prices have been going down?

Anyway, we'll never see a significant reduction in gas prices, no matter what comes out of this new well. All we'll see is higher profit margins for the oil companies.

SpaceAce

So did your price of gas come down today?

It usually takes 10 minutes after 'bad news' for the price to go up - how about now?

Umm just about everywhere nationwide prices have dropped. 2.62 here last night. Supposed to be 2.00 for regular by November or lower. This find doesnt matter till the tree huggers lets us build some new refineries. Thats the real problem. We cant refine what we have.

They have went down almost 20 cents / gallon here in the past week.

Yes gas pricing had declined here in the NE too, somewhere around $2.70/gal or a little less for regular grade. Still too high. There is also talk about large reserves being found in Colordo.

Stop believing the hype.

There are a few things that keep the oil prices high, and it's nothing to do with world supply. It has to do with the speculators, refineries, and corporate greed.

Even with profits in the billions, the oil companies refuse to build more refineries. When the Saudi's OFFERED to build refineries to help in the oil price, the U.S. and oil companies refused.

When the price of gasoline sky rocketted, the Saudi's dumped more oil on the market.

Did the price go way down?
No.
Why?

The oil companies did not miss a step. They said that REFINERIES were MAXED OUT. I.E. all of the oil on the market doesn't mean anything if you haven't the capacity to process it into the end product.

:disgust

Gas prices are doing down..
Elections in 2 months.. hmmmmm

war in raiq going sour..nuclear war with iran a possibility.....HUGE OIL FIELD FOUND IN GULF COAST BEING TAPPED.....hmmmmmm

Its still $2.40 a gallon overpriced. Its not worth more than about $0.20 a gallon. I should be able to fill my tank up for $5.

It will be years before that oil field can be fully exploited.

I hope it'll be enough to sustain the country's demand for years.