Look Ma, 15 Billion Barrels!!!

[rpm]

Link
Booyah Devon!!!

OKLAHOMA CITY — In the span of 35 years, Devon Energy Corp. has grown from a tiny energy upstart with five natural gas wells to one of the largest oil drillers in the nation thanks to a little luck and a series of smart business decisions — none more key than targeting the Gulf of Mexico for growth.

That vision now puts Devon in position to cash in on the biggest domestic oil discovery since Alaska's Prudhoe Bay a generation ago.

A trio of oil companies, including Devon, announced Tuesday a well drilled 5.3 miles below sea level in the Gulf of Mexico had tapped a petroleum pool that could yield anywhere from 3 billion to 15 billion barrels. The upper end of that range is equivalent to half the nation's current reserves.

Chevron has a 50 percent stake in the field, while partners Statoil of Norway and Devon each own 25 percent. But Devon is one-fifth the size of Chevron, magnifying the benefits to the Oklahoma City-based company.

The company has been building a position in the area since 2002, with four major discoveries in the formation. Besides the project with Chevron, Devon also has an interest in three other major deep-water projects. The company has also identified 19 other prospects that haven't been drilled yet.

Devon's share from the four discoveries ranges from 300 million to 900 million barrels of oil, but the potential from the untapped prospects is even more significant, Steve Hadden, senior vice president of exploration and production, said.

But despite recent success, analysts say it will take a lot of time and money before the discoveries in the lower tertiary reach the market.

"You won't see a drop of that oil for at least six years," Smith said. "It sounds like it's big, and in all likelihood it will be developed, but it won't be seen for a while."

Happy to say I'm a Devon shareholder! This is great news. The wells are deep, but the field is big.

[Captain Virgil Hilts]

Congratulations. You'll do well, provided the greens and liberals don't spend the next 20 years preventing drilling there. Good luck, I'm rooting for the drilling myself, we could use the oil.

[lazs2]

LOL... pretty much what I and others have been saying... there is all kinds of oil out there... the hand wringers will do everything they can to keep us from getting it.

Estimates are that it will be profitable at about $35 a barrel even with all the restrictions.

Now if we could get some refieneries built and some nuke plants......

Oh wait...  first we have to get rid of all the democrats.

lazs

[Debonair]

buy me an airplane, cowboy ?

[Furball]

i hear that there is an oil field in a place called iran or something that is just crying out for americans to take them.

[Shifty]

Good for you RPM:aok

[john9001]

Originally posted by Furball
i hear that there is an oil field in a place called iran or something that is just crying out for americans to take them.

you want to grab the Iranian oil fields?  what are you , a englander that wants a new colony? you had you chance, your imperial colony days are over. Americans buy their oil on the open market.

[nirvana]

Oil is no good without refineries, at least that's what i read on this here BBs.

[Recap]

Originally posted by Captain Virgil Hilts
Congratulations. You'll do well, provided the greens and liberals don't spend the next 20 years preventing drilling there. Good luck, I'm rooting for the drilling myself, we could use the oil.

Uhhhm yea, let's continue our dependance on oil.  that's been working out great hasn't it.   Let our children's children figure out what to do when it's all gone.  What do we care, we'll be dead by then.  Nice plan.

[Debonair]

here is something i am wondering:
what is the average elevation of the earth (IIRC, it is about 4000' below MSL)
how deep do the offshore drilling riggs work (6000' of water is max AFAIK)

and if i'm right about these two facts, does it add up to plentey of petroleum is available?

[bj229r]

Originally posted by Debonair
here is something i am wondering:
what is the average elevation of the earth (IIRC, it is about 4000' below MSL)
how deep do the offshore drilling riggs work (6000' of water is max AFAIK)

and if i'm right about these two facts, does it add up to plentey of petroleum is available?

I remember reading that these deposits were found MILES below ocean floor

[Captain Virgil Hilts]

Originally posted by Recap
Uhhhm yea, let's continue our dependance on oil.  that's been working out great hasn't it.   Let our children's children figure out what to do when it's all gone.  What do we care, we'll be dead by then.  Nice plan.

Well, when you figure out how to solve the problem of needing oil over night so we can do without it tomorrow, we'll all stop rooting for oil wells to be drilled. On top of that you'll be the richest individual in the WORLD. But until then, those of us with COMMON SENSE will be glad there's more oil to be brought in to serve our needs TODAY.

[Debonair]

Originally posted by bj229r
I remember reading that these deposits were found MILES below ocean floor

So far as i understand, depth below the ocean floor is not as much an issue for drilling as depth below sea level is...




...n0Ob!!!!!1:furious

[LePaul]

Im sure the enviro nuts will press to protect star fish that might be disturbed by such drilling.  

The reserves are out there.  Oil platforms can drill, process and move on to other sites quite effiently...when allowed into areas speculated to contain oil.

Recap, when even the founder of Greenpeace agrees we need nuclear power and alternate energies, you know that even the kookiest folks out there are starting to get it.

But we suffer from NIMBY (Not In My Back Yard).  Up here in Maine, we have enviro-kooks upset where we might place energy producing windmalls...worried we'll ruin the scenery.

[Magellan]

Originally posted by nirvana
Oil is no good without refineries, at least that's what i read on this here BBs.

Not to mention that *if* the yield is at the upper limit, that's only 2 years of worth of oil for the U.S.--based on 2001 consumption figure of 19.65 million bbls / day (CIA Factbook)