Posted on 09/02/2009 7:33:21 AM PDT by BenLurkin
BP said in a statement on Wednesday that it had made the find at its Tiber Prospect in the deepwater Gulf of Mexico. The well was drilled in Keathley Canyon block 102.
Further appraisal will be required to ascertain the volumes of oil present, BP said, but a spokesman said the find could be bigger than its Kaskida discovery which has over 3 billion barrels of oil in place.
The find highlights the potential in the Gulf of Mexico and bodes well for other exploration in the area, including at Royal Dutch Shell Plc's (LSE:RDSA.L - News) Great White field, Jason Kenny, oil analyst at ING in Edinburgh, said.
The Gulf of Mexico has become increasingly important to Western oil majors as oil rich-countries such as Saudi Arabia, Venezuela and Russia reserve their richest fields to be developed by their state-owned oil companies.
The Gulf of Mexico is especially attractive because it offers high profit margins, due to relatively low taxation compared to countries such as Russia and Nigeria, and because of the low political risk.
As nearer-shore discoveries dry up, companies have pushed further out to sea, which has forced them to develop new technologies to detect and extract the oil.
The prospects for massive discoveries in the deep water of the Gulf of Mexico is also good news for U.S. politicians' ambitions to reduce the country's reliance on imported oil, although oil executives doubt the U.S. is capable of becoming self sufficient in oil.
(Excerpt) Read more at finance.yahoo.com ...
This can’t be true...the earth is running out of oil. All the greenies say so.
It’s Racism and Evil/s
This can’t be true...the earth is running out of oil. All the greenies say so.
Yessss we are running out, the sky is falling! And it drives me insane that China, the UK, Russia, Brazil, Cuba,, EVERYONE can freely drill the gulf except for the USA.
Democrats are the party of treason.
Problem:
Obama and the democrat party are being paid by Soros to sabotage US drilling, while giving Soros $2 billion in cheap loans to drill for deep water Brazilian oil.
We won’t tap it but China would be happy to.
This is the left’s worst nightmare.
We need to have oil can parties across the US.
Is it just me but to the scare quotes around “Giant” indicate an agenda on APs part?
Doesn’t “BP” stand for British Patroleum?
This is odd. Yahoo has the same story twice. Once attributed to AP, once attributed to Reuters.
http://finance.yahoo.com/news/BP-announces-giant-oil-find-apf-2273328778.html?x=0&.v=1
$10 says that this area will soon be designated a ‘national park of ecological importance’ and species living in the area will be listed on the endangered species list-
Good for china I guess, since our government is dead set on going the wind, solar, flintstone mobile route.
Yes but, I've read that it's (majority) owned by the Kuwaiti's.
[[We need to have oil can parties across the US.]]
Lol- let’s open oil cans and dump it in the ocean- the Boston oil-can party’
This resource will be untapped to placate tree huggers while Obama gives billions to a Brazilian oil company owned in large part by George Sorros to drill off the coast of Brazil. The Brazilian company will of course sell us the oil at inflated prices. No new American oil will be produced or American jobs will be created by this find as long as Obam is in the White House.
OK....understood. So now we get to pay the Kuwaiti’s for our own oil? No one but Washington could come up with an idea like this. Who’s getting payed off?
All sources are just repeating what BP released.
http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7055818
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.