Posted on 09/03/2009 5:28:33 PM PDT by Kaslin
Energy Policy: Ignoring peak-oil Cassandras, BP has made another giant oil find in the Gulf of Mexico. We're not running out of oil. Our government just doesn't want us to look for it.
Oil has been produced in the Gulf of Mexico since the first well was drilled by Kerr-McGee Corp. in 1947. Some of the wells are pretty well played out by now, except that over the past two decades or so, oil explorers began to notice a curious thing. Shallower wells that were thought to be exhausted seemed to be filling up again.
This, and the discovery of vast natural-gas deposits at depths greater than 10,000 feet, mean that either (1) we haven't been drilling deep enough or (2) oil and gas are not finite resources deposited long ago, but rather the result of still-functioning processes deep within the earth. Either way, there's much more to be had.
So British Petroleum went looking for it at depths that had never been plumbed. The spot where it hit black gold is in a place called the Tiber Prospect about 250 miles southeast of Houston. The Tiber well was drilled to a depth of 35,055 feet, which is greater than the height of Mount Everest.
BP, whose partners include Conoco Phillips and the Brazilian company Petroleo Brasilero SA, says the discovery may hold as much as 3 billion barrels of oil. That equates to about a year's worth of output from OPEC giant Saudi Arabia.
(Excerpt) Read more at ibdeditorials.com ...
BP? From what I understand, BP is owned by Kuwait.
Kuwait only owns 27 percent of BP, while Russia owns 50 percent
Publicly traded....symbol is BP.....here are some of the major holders
http://finance.yahoo.com/q/mh?s=BP
It was proved during the movie that oil rigs helped both shrimp and fish.
It is kind of like the dummies on both the east coast and
the left coast afraid of drilling our own oil wells offshore.
I remember reading about that
Houston bump.
I don't know about you, but I call that treason.
Abiotic oil. Not from dinosaurs, etc. The conventional theory of oil creation is nonsense required by evolutionists who cannot explain oil any other way. Nice to see a major journal pick up on this issue.
I’m not a geologist, and haven’t spent night at a Holiday Inn, but how on Earth would oil get down almost 7 miles under the floor of the ocean?
Between the woefully underdeveloped oilfields in Iran and Iraq, barely touching the reserves in the Gulf of Mexico, a potential HUGE oil reserve yet to be touched northwest of Prudhoe Bay in Alaska, a potential huge oil field at the Spratley Islands between the Philippines and Vietnam, the oil tar sands in Alberta, Canada and in Venezuela, the oil shale in the Rocky Mountains in the USA, unknown but potentially huge oil reserves in eastern Siberia, the potential extraction of methane hydrates, and processing oil-laden algae into motor fuels, the whole idea of "peak oil" should be technically preposterous.
An interesting article, worth clicking on the link to read the whole thing.
The same way the sedimentary rock was formed that this was found within. This is lower tertiary, known geological formation and layers.
Try some simple math. Accumulation of sediment as small as 1/100th of an inch per year times 60 million years.
But does it necessarily imply that the oil was formed thru biological processes or by processing occurring inorganically thru heat and pressure?
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