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Gold/Mining/Energy : coastal caribbean (cco@)
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To: SnakeInATuxedo who wrote (1099)11/5/1999 10:17:00 AM
From: Edwin S. Fujinaka  Read Replies (1) of 4686
 
I believe that the other big oil companies do not want to take the heat from the politicians and the environmentalists for the Coastal Petroleum drilling attempts. Chevron is quietly trying to develop their gas field just 25 miles South of Pensacola in Federal waters. Chevron is proceeding through the regulatory process and the State of Florida is voicing opposition but I believe the State cannot directly prevent the Chevron development.
Chevron is rumored to have spent $100 Million in preliminary development costs so they are somewhat committed to pursuing the project. It would be interesting to see what sort of "just compensation" would have to be paid to prevent them from drilling and developing the gas field. In this case, it would be a Federal buyout of their lease. Either a large condemnation payment or permission to begin producing gas ought to be a plus for Coastal Petroleum's prospects.
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