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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: onginvester who wrote (70442)9/5/2006 10:25:27 AM
From: CommanderCricket  Read Replies (3) | Respond to of 206326
 
Nice discovery but look at what it will take to develope the field. It makes the bulls case. If oil was easy to find, you wouldn't be drilling in 7,000 feet of water.

snip

"In a separate statement, San Ramon, Calif.-based Chevron said the well set a variety of records, including the deepest well successfully tested in the Gulf of Mexico. Chevron said it was drilled to a total depth of 28,175 feet in waters that are 7,000 feet deep."

7,000 feet of water! It will take years and high priced oil to get this project moving.

Good news but very expensive oil

CC



To: onginvester who wrote (70442)9/5/2006 10:50:30 AM
From: cyesp  Read Replies (1) | Respond to of 206326
 
How big is big? At current world consumption of 80 million barrels/day, 5 billion barrels is 63 days. Woah, the whole GOM lower-tertiary play pushed back the oil peak by 2 months.


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