Aces High Bulletin Board
General Forums => The O' Club => Topic started by: rpm on September 07, 2006, 02:01:12 AM
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Link (http://www.chron.com/disp/story.mpl/business/energy/4168785.html)
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.
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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.
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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
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buy me an airplane, cowboy :) ?
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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.
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Good for you RPM:aok
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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.
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Oil is no good without refineries, at least that's what i read on this here BBs.
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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.
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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?:noid :noid :noid :noid
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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?:noid :noid :noid :noid
I remember reading that these deposits were found MILES below ocean floor
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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.
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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 :furious :furious :furious :furious :furious :furious :furious :furious
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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.
:rolleyes:
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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)
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Originally posted by Debonair
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 :furious :furious :furious :furious :furious :furious :furious :furious
http://www.washingtontimes.com/business/20060906-122533-8399r.htm
Chevron yesterday estimated that the 300-square-mile region where its test well sits could hold 3 billion to 15 billion barrels of oil and natural gas liquids. The U.S. consumes about 5.7 billion barrels of crude oil in a year.
Chevron's well, called "Jack 2," was drilled about 5.3 miles below sea level.
The well was drilled in the Walker Ridge area of the Gulf, about 270 miles southwest of New Orleans and 175 miles off the coast of Louisiana. It was a follow-up to a discovery made by Chevron in 2004.
Chevron said the well set a variety of records, including being the deepest well successfully tested in the Gulf of Mexico. The San Ramon, Calif., company said the well was drilled more than 20,000 feet under the sea floor below 7,000 feet of water for a total depth of 28,175 feet.
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I got this news just as soon as they discovered it. I still sit on a pretty substantal pile of shares in Statoil so its good news for us all. :)
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Even for beet :)
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Originally posted by eureka101
But I r teh dummeh!
i have a solution, give up your car for two years, hey, it's only for two years.
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2 full years of consumption/ 15 billion barrels is a seriously large puddle of oil. Im guessing there will be alot of really big finds around USA after they lifted the search ban of sertain areas a few months ago.
With increased Chinese demand nobody wants to see the worldy "fighting" over and paying even more money to the guys in the middle-east.
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This is interesting:
http://video.google.com/videoplay?docid=-8943205214784769158&q=energy
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2 years... 20 years take what we can get.
There are vast untaped reserves that only the whackiest want to not be discovered and used....
We will not allways be dependent on oil or.. as dependent but... it will take time to get over... how long to built a couple hundred nuke plants?
How long to develop solar or wind or tide or whatever power that is efficient and cheap?
We need to continue to move along fueled by oil while these things are being developed.
My grand daughter may be driving an electric car for pennies in the future but...
not if the democrats have their way... if they win... she will be starving in a depression... unable to lite a lamp in a world awash in untapped oil and snail darter infestations.
lazs
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Do you have something against democrats lazs, or is it only in the oil sector?
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nelson yes and yes. In this country... it is the party of whimps and women.
They are for every law that takes from one to give to another regardless of if it is deserved or not... they are against the second amendment.
living under them is like moving back in with your mom. They allways forgive you and will give you a handout but... the price is too high.
lazs
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Originally posted by lazs2
nelson yes and yes. In this country... it is the party of whimps and women.
They are for every law that takes from one to give to another regardless of if it is deserved or not... they are against the second amendment.
living under them is like moving back in with your mom. They allways forgive you and will give you a handout but... the price is too high.
lazs
Oh my.. that sounds awfully bad. No wonder they lost the election. Are they all bad, or do they have something going for them?
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"All" is a lot.
But yes... they are "all" bad in one respect.... No matter what they (or any other party member) tell you .... they all vote along party lines when push comes to shove.
Sure... once in a while they will step outside the party line but it is a scam... they only do it when their party allready has an overwhelming majority of the votes and it is a particularly distasteful bill for thier consituincy.. with a wink and a nod from fellow party members.... they will vote against the bill and act all huffy. Next time it will be someone elses turn to look sensible and not socialist.
They vote along party lines... vote for enough democrats and you get the democrat party line.
How did they lose? To freaking bush of all people? They were outed. they were called liberal and their voting records were shown. If they can hide it or if they are in a blue area where missery reigns... they will win.
lazs
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Well.. atleast they are mostly good christians.
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If you ask me, anyone voting 'party lines' has simply abdicated any personal responsibility for independent thought.
Sometimes it looks like people are so wrapped up in 'suporting their team' that they lose sight of the real issues on the table. It's not about who wins or loses, its about what gets done and how. Ocassionally, I'll come across someone and, while I'm busy being shocked at their ignorance, will become downright frightened when I realize that they, too, can vote.
Personally, I abandoned political parties a long time ago and have thought and voted independently ever since. And the older I get, the more I realize how hard forming an informed opinion is when we're all spoonfed information though another's lenses. (How's that for some mixed metaphors, huh? :D )
Ack....a Free Thinker. Get the tar and feathers....;)
BTW...this is just commentary. No personal zap intended.
(OK..just realized how far I drifted from the topic. Apologies all. One demerit for me.)
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politics is so gay,
same gay as a nude liberace arguments over & over
almost as bad as the aircraft & vehicle forum LMAO!!!!!1
Chevron's well, called "Jack 2," was drilled about 5.3 miles below sea level.
The well was drilled in the Walker Ridge area of the Gulf, about 270 miles southwest of New Orleans and 175 miles off the coast of Louisiana. It was a follow-up to a discovery made by Chevron in 2004.
Chevron said the well set a variety of records, including being the deepest well successfully tested in the Gulf of Mexico. The San Ramon, Calif., company said the well was drilled more than 20,000 feet under the sea floor below 7,000 feet of water for a total depth of 28,175 feet.
impressive, before this the most water i'd ever head of drilling in was the 6000' below MSL brazilian rig (Petronus, IIRC). I'd always thought the gulf was a pretty shallow body of water, but cheking the map, the deep point is 13,000'. So how did we get to "peak oil" with even half the Gulf of Mexico still unexplored, and less than that exploited?
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"So how did we get to "peak oil" with even half the Gulf of Mexico still unexplored, and less than that exploited?"
We got that the same way we got grade school textbooks which explained how the world would be completely out of oil by the year 2000.
J_A_B
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Originally posted by J_A_B
We got that the same way we got grade school textbooks which explained how the world would be completely out of oil by the year 2000.
J_A_B
I think those are the same books/teachers that told us we where going to convert to the metric system ;)
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goomba.. Of course you should vote along party lines so far as congress and pres are concerned... local politics can be different.
I vote for republicans even tho the are horrible in my opinion. The reason I do so is to do my best to keep democrats out. Now, if the republicans are going to win easily... I will then vote for some snowball chance in hell libertarian but... never will I risk letting a democrat get in power because of my vote. They are the worst thing that can happen to this country.
I vote based on how they vote. Both parties vote along party lines when bills come up... I feel I must do the same and make sure that the bad ones (democrats) don't get a chance to vote away America.
I don't want a democrat appointing or vetoing supreme court or other judges... I don't want even one extra democrat in power to vote on if I get to keep my second amendment rights.
lazs
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'straight' to GITMO for the threadjacker...
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We got that the same way we got grade school textbooks which explained how the world would be completely out of oil by the year 2000.
:mad: :mad: :mad: :mad:
zOMG!!!!so why :mad:
is my 100LL :mad:
gas $5 !#*%!#%!*# :furious
:furious :furious :furious
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Originally posted by Debonair
'straight' to GITMO for the threadjacker...
...
:mad: :mad: :mad: :mad:
zOMG!!!!so why :mad:
is my 100LL :mad:
gas $5 !#*%!#%!*# :furious
:furious :furious :furious
because all you flyboys are rich with your $150,000 airoplanes.
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Originally posted by john9001
because all you flyboys are rich with your $150,000 airoplanes.
:furious :mad:
:mad: :furious
:furious :mad:
:mad: :furious
:furious :cry