BP makes "giant" oil find in Gulf of Mexico

saltwn · #1 (**permalink**) 09-02-2009, 06:42 PM

Quote:

LONDON (Reuters) - Oil major BP Plc said it has made an oil discovery in the Gulf of Mexico, which analysts believe could contain over 1 billion barrels of recoverable reserves, reaffirming the Gulf's strategic importance to the industry

BP said in a statement on Wednesday that it had made the "giant" find at its Tiber Prospect in the Keathley Canyon block 102, by drilling one of the deepest wells ever sunk by the industry.BP makes "giant" oil find in Gulf of Mexico - Yahoo! Finance

Further appraisal will be required to ascertain the size of volumes of oil present, but a spokesman said the find should be bigger than its Kaskida discovery which has over 3 billion barrels of oil in place

Hot dog! JOBS!

saltwn · #2 (**permalink**) 09-02-2009, 06:45 PM

Interesting-

BP, the biggest oil producer in the U.S. and biggest leaseholder in the Gulf of Mexico, has a 62 percent working interest in the block, while Brazilian state-controlled Petrobras

owns 20 percent and U.S. oil major ConocoPhillips owns 18 percent.

Maybe O ain't such a gullible socialist after all

Oftencold · #3 (**permalink**) 09-02-2009, 06:58 PM

The Greenies will explode!

Billo_Really · #4 (**permalink**) 09-02-2009, 08:20 PM

Quote:

Originally Posted by Oftencold

The Greenies will explode!

I'm a Green.

Now, correct me if I'm wrong, but isn't BP a "British" company?

Michael1 · #5 (**permalink**) 09-02-2009, 08:48 PM

Quote:

Originally Posted by Billo_Really

I'm a Green.

Now, correct me if I'm wrong, but isn't BP a "British" company?

Not sure exactly what you're getting at. BP is an international company:

Quote:

BP, the biggest oil producer in the U.S.

allows me to believe this multi-national is truly a multi-national. You seem to think that only British people own it, that only British people work for it, and that it's like the Russians or Venezuelans staking a claim to oil. Luckily, we and the Brits haven't NATIONALIZED. Methinks you have no idea how private international corporations operate in the least bit.

Furthermore, and on a good note:

Quote:

Iain Armstrong, analyst at Brewin Dolphin, said the discovery may have implications for long-term oil prices.

"It will ease concerns about peak oil because it shows there is life left in these mature areas," he said, adding that it could be the second half of the next decade before the find is producing.

The discovery also bodes well for other exploration in that part of the Gulf of Mexico, including at Royal Dutch Shell's nearby Great White field, Jason Kenny, oil analyst at ING in Edinburgh, said.

Sounds like good long-term news.

and

Quote:

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.

Deep sea exploration by non-nationalized oil firms is certainly still an important, integral piece toward our gradual transition toward more renewable energy sources. We should all admit this..., and not merely keep burying our heads in the sand of 'no more drilling' and 'carbon taxes on only the developed countries, wimply compliant'.

Cap and trade is dead in the water!

saltwn · #6 (**permalink**) 09-02-2009, 08:53 PM

Quote:

Originally Posted by Michael1

Not sure exactly what you're getting at. BP is an international company: allows me to believe this multi-national is truly a multi-national. You seem to think that only British people own it, that only British people work for it, and that it's like the Russians or Venezuelans staking a claim to oil. Luckily, we and the Brits haven't NATIONALIZED. Methinks you have no idea how private international corporations operate in the least bit.

Furthermore, and on a good note:

Sounds like good long-term news.

and

Deep sea exploration by non-nationalized oil firms is certainly still an important, integral piece toward our gradual transition toward more renewable energy sources. We should all admit this..., and not merely keep burying our heads in the sand of 'no more drilling' and 'carbon taxes on only the developed countries, wimply compliant'.

Cap and trade is dead in the water!

Like people who decide to get drunk instead of pay the rent, then get a reprieve from the land lord and in 30 days just get drunk again?

Mikeyy · #7 (**permalink**) 09-02-2009, 10:51 PM

Quote:

Originally Posted by Oftencold

The Greenies will explode!

Have you ever been there? It is beautiful.

Michael1 · #8 (**permalink**) 09-02-2009, 10:52 PM

Quote:

Originally Posted by saltwn

Like people who decide to get drunk instead of pay the rent, then get a reprieve from the land lord and in 30 days just get drunk again?

Oh, c'mon.

You started this by trumpeting more jobs.

Surely you weren't drunk.

I'm simply saying that there is value to continued oil exploration and that WHOO-HOO, this means good things (in your opinion, jobs).

I even stated that this was a good thing (like YOU did) and opined that it would help ease our way into more renewable sources of energy.

I simply don't understand why you are attacking me.

saltwn · #9 (**permalink**) 09-02-2009, 11:07 PM

Quote:

Originally Posted by Michael1

Oh, c'mon.

You started this by trumpeting more jobs.

Surely you weren't drunk.

I'm simply saying that there is value to continued oil exploration and that WHOO-HOO, this means good things (in your opinion, jobs).

I even stated that this was a good thing (like YOU did) and opined that it would help ease our way into more renewable sources of energy.

I simply don't understand why you are attacking me.

I agree with the rest of your previous statement. But...

Quote:

Cap and trade is dead in the water!

__________________

Made me stop and think, we should use this as a reprieve and still march forward to renewables. Maybe this will help us get our house in order that way. I just hope the government and our citizenry use the same caution.
Texas is boom bust boom bust. And that's OK as long as there's something further to boom about. I guess I'm just a nervous Nelly.

This won't affect the economy in any region for 5 more years, but it is good news and I shall refrain from dark thoughts for now.

Michael1 · #10 (**permalink**) 09-02-2009, 11:14 PM

Salty,

I don't think cap and trade, or rather, the 'KYOTO' system, is a good idea.

I simply oppose it because it penalizes industrialized countries only. It taxes only those countries WILLING to abide by it.

Passing taxation like this is silly and not productive.

Russia, India, South America, and China benefit, Europe and North America suffer.

What's the point other than to essentially GIVE them more of a competitive advantage?

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