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Vast Oil Pool Tapped in Gulf of Mexico
WASHINGTON (AP) -- A trio of oil companies led by Chevron Corp. have tapped a petroleum pool deep beneath the Gulf of Mexico could boost the nation's reserves by more than 50 percent.A test well indicates it could be the biggest new domestic oil discovery since Alaska's Prudhoe Bay a generation ago. Chevron on Tuesday estimated the 300-square-mile region where its test well sits could hold between 3 billion and 15 billion barrels of oil and natural gas liquids. The U.S. consumes roughly 5.7 billion barrels of crude-oil in a year. It will take many years and tens of billions of dollars to bring the newly tapped oil to market, but the discovery carries particular importance for the industry at a time when Western oil and gas companies are finding fewer opportunities in politically unstable parts of the world, including the Middle East, Africa and Russia. Vast Pool People...YES! Posted by: RD 2006-09-05 |
| http://www.rantburg.com/poparticle.php?ID=165087 |