Gulf Oil Discovery

This discovery is important for the oil companies, but it doesn't change the overall picture of decreasing supplies of increasingly expensive oil. By the time this oil gets to market our other reserves will have decreased significantly and our consumption will have increased, so at best it will slightly slow down the increases in oil prices. The downside is that it will tend to reduce the urgency of finding alternative ways of powering our vehicles.

NEW YORK (CNNMoney.com) -- Chevron and its partners have successfully extracted oil from a test well in the deep waters of the Gulf of Mexico, an achievement that could be the biggest breakthrough in domestic oil supplies since the opening of the Alaskan pipeline. ...

"At best we're not going to see a drop of oil for five years, maybe seven years," said Fadel Gheit, oil analyst for Oppenheimer. "It's great news for Chevron and even more so for Devon. But you can't hold your breath waiting for it." ...

Almost all the oil platforms in the Gulf are relatively close to the shore, on a shelf that puts them in less than 1,700 feet of water. ...

In recent years, oil has been found in the deeper waters of the Gulf known as the "lower tertiary" area, where the water is between 5,000 to 10,000 feet deep, but it had yet to be proved that oil could be extracted in enough volume to make such finds practical. ...

The Jack 2 well, which is 175 miles offshore, is in more than 7,000 feet of water and then drilled through more than 20,000 feet of rock below the sea floor, or about five miles below the surface of the Gulf. ...

Chevron said that it now believes the lower tertiary region of the Gulf could hold reserves of 3 billion to 15 billion barrels of oil. Total established U.S. reserves are estimated at less than 30 billion barrels. ...

"This is the silver lining of higher oil prices," said Fadel Gheit, oil analyst for Oppenheimer. "If we didn't have higher oil prices, they wouldn't have dared to risk this much capital here."

Comments

[Manuel]

By itself this won't reduce the urgency to develop alternative fuels. But if other oil companies start finding lots of other big new oil fields, now, that just might reduce the urgency.

I've read some interesting articles about new oil exploration techniques that'll probably lead to some large new fields being found. With the price per barrel of oil over $70, there's lots of motivation to get at those new fields. Even under miles of ocean.

[steve H]

Right now Chevron has been making record profits from oil sales, which is at $150 per barrel at the time of this posting. They made a deal to put in that Alaskan pipeline, and have steadily pushed to drill in the wildlife reserve there.

Like the gas shortage in the 70's, this current crisis could have been planned. Just look at the profits oil companies have been enjoying:


http://www.stockmarketquotelist.com/industry/oil-gas-integrated.html

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lots of other big new oil fields, now, that just might reduce the urgency.