Exxon has 3 deepwater Gulf of Mexico discoveries

[n2doc]

By Anna DriverPosted 2011/06/08 at 1:43 pm EDT

HOUSTON, June 8, 2011 (Reuters) — Exxon Mobil Corp has made two big new oil discoveries and a natural gas find in the deepwater Gulf of Mexico, news that underscores the importance of the prolific basin to U.S. crude output.

Oil and gas exploration in the Gulf was halted by the U.S. government last year after the blowout at BP Plc's Macondo well, and activity in the Gulf remains at levels far below those seen before the oil spill.

Exxon estimated the new wells could produce about 700 million barrels of oil equivalent.

"Seven hundred million barrels doesn't happen very often," John White, an analyst at Houston-based Triple Double Advisors in Houston, said. "That's a lot of oil."

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http://www.newsdaily.com/stories/tre75757m-us-exxonmobil/

[Avalux]

1. Terrific!! Now pay your fair share of taxes and help our economy, assholes. n/t

[xchrom]

2. ...

:eyes:

[XemaSab]

3. Fuck Exxon

n/t

[NickB79]

4. "700 million barrels doesn't happen very often"

Yeah, especially now that we've tapped all the large oil reserves, we've got nothing left to tap but these peanut wells. Yes, I called 700 million barrels a peanut well. Compared to the massive wells that made modern civilization what it is today, ones that were measured in tens of BILLIONS of barrels, this is nothing. This is ONE MONTH'S worth of US oil demand.

When you have oil market analysts calling 700 million barrels a large find, you know the days of cheap oil are far, far behind us.

[Nihil]

5. "Exxon has 3 deepwater Gulf of Mexico discoveries"

1. Oil & gas extraction is massively polluting even when things are going right.

2. The more you take out of the ground, the less that there is to take.

3. The US administration will bend over backwards to maintain subsidies to oil companies.


Gosh, it's amazing the discoveries that are being made isn't it?