Drill, Baby Drill

September 2, 2009 at 8:17 pm Leave a comment

Michelle Steele be full of glee when

From Marketwatch,

“At the Tiber prospect in deepwater Gulf of Mexico, BP (BP)(UK:BP) said it drilled to a total depth of approximately 35,055 feet and found oil.
Transocean (RIG), which leased the rig to BP, said it was the deepest-ever well drilled in the Gulf.
The prospect is 250 miles southeast of Houston under 4,132 feet of water.
Appraisals will be needed to determine the size and commercial potential of the discovery, BP said.
But a spokeswoman for BP likened the discovery to Kaskida, an earlier discovery in the deepwater Gulf of Mexico which had 3 billion barrels of oil equivalent and was drilled to a depth of 32,500 feet.
BP then needs to extract that oil, and usually the firm is able to get 25% to 40% of the oil in place.
At the low end of that estimate, BP’s find could represent 6% of its 12.56 billion barrels of proved reserves at the end of 2008.
BP said it was its second major discovery in the emerging Lower Tertiary play in the Gulf of Mexico, where it currently produces over 400,000 barrels of oil equivalent a day.”

I guess it is time for Drill! Baby! Drill

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Entry filed under: economy. Tags: , , , , .

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