Huge oil field found in Gulf of Mexico
- From: "George" <george@xxxxxxxxxxxxxxx>
- Date: Tue, 5 Sep 2006 12:35:54 -0400
http://news.monstersandcritics.com/business/article_1198182.php/Huge_oil_field_found_in_Gulf_of_Mexico
SAN RAMON, CA, United States (UPI) -- Chevron Corp. and two partners have
recorded a stunning 6,000-plus barrel per day crude oil production rate
from a single deep-water Gulf of Mexico well.
Known as the Jack 2 well, it sits in 7,000 feet of water and was drilled to
more than 28,000 feet, Chevron said Tuesday. The well, 270 miles southwest
of New Orleans, revealed a net 350 feet of oil-bearing soil.
Chevron and its partners, Devon Energy Corp. of Oklahoma City and Norway`s
Statoil ASA, will drill another appraisal well next year and plan to begin
commercial production in 2008. Chevron, the operator, holds a 50 percent
interest in the well, with Devon and Statoil both holding 25 percent
stakes.
If participants` expectations of the region`s prospects are correct, the
Jack 2 means billions of barrels of as-yet-untapped crude oil available to
the market.
Devon`s Stephen J. Hadden, senior vice president, exploration and
production, said that, with 273 blocks under lease and 19 exploratory
prospects already identified in the area, the find could more than double
the company`s current reserve base of about 2 billion equivalent barrels.
.
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