is there a map or diagram anywhere that maps the off shore oil wells around the US and the countries to which they belong?
“Any comments on this?”
Yep.
I bought stock in MMR at $7.48 and more today @$13.75[I missed the news as it broke and the price had exploded] After hours trading at $14.50.
If you go to the McMoran website, there are good powerpoint presentations on the geology of the area.
McMoran has been around for a long, long time. It is a split off of Freeport-McMoran [which was the old McMoran sulphur during the early 20th c.] F-M has the 2nd largest copper mining reserves [w/ plenty of gold, too]
With the cost savings on jackups rather than deepwater rigs and close transport [they’ve even built an LNG floating port, I understand] they feel they can break-even at 30-40 per barrel pricing. [Barring additional onerous Federal rules]
Additionally, I understand that most of the wells are on Louisiana’s territory, not the Fed, although they’ve bought up adjacent Federal leases so they don’t have someone else squeezing hydros out of their fields.
It is my firm belief that the majors’ finds off of Oz, Africa, and the GOM, along with shale gas, will permit the US to tell ‘those who don’t like us very much’ [from whom we buy hydrocarbon resources] to get stuffed...sideways.
Oh, happy, happy day.