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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (10198)	4/2/2010 10:42:17 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24226

Good news...Oxy Pete found 12 days of oil under Bakersfield...last year. We're saved, if they can pump it dry. Oil, Oil Everywhere Christopher Helman, 04.02.10, 03:20 PM EDT Forbes Asia Magazine dated April 12, 2010 Occidental Petroleum's California gusher. Occidental Petroleum ( OXY - news - people ) is the untrendiest of the big oil companies. Unlike its bigger rivals, Oxy has no refineries and no interest in Canadian oil sands, liquefied natural gas or deepwater prospects. The Los Angeles company is unabashedly partial to oil, with 73% of its reserves in crude; most operators are more than half natural gas. Now Occidental is breaking ranks in another way by upsetting the commonplace view that the days of "easy oil" in the U.S. are over. Last year Oxy announced a new find outside Bakersfield, in Kern County, California, which is shaping up to be the biggest onshore oil discovery the U.S. has seen in three decades. It likely holds more than 1 billion barrels of oil (and natural gas equivalents) that will be easy and cheap to extract. That the gusher is situated in a hydrocarbon basin that has been picked over for 100 years validates the philosophy extolled by Oxy President Steven Chazen and Chief Executive Ray R. Irani: The best place to find new oil is in old oilfields. It also raises the tantalizing prospect of lots more easy oil awaiting discovery in the U.S. That would not only help reduce reliance on foreign oil but also be far cheaper than deepwater oil--it costs roughly $10 per barrel to get oil out of this ground versus $30 (including extraction taxes and royalties) or more for deepwater projects. "It's similar to the economics you have in the Middle East," says Irani. forbes.com