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NEW YORK (Reuters) - A Chevron Corp.-led (NYSE:CVX - news) group said on Tuesday it successfully drilled a widely watched exploration well in the U.S. Gulf of Mexico, sparking hopes it could be among the biggest U.S. oil discoveries recently.
However, any output from the find would not come online for several years at least, and analysts cautioned that it would do little to ease oil prices that have stayed at stubbornly high levels in recent months.
"In the last 15 years, there've been so many great projects that started out and then petered out," said Matt Simmons, head of Houston-based energy investment bankers Simmons & Co. "That's sort of been the history of the last five years in the Gulf. There's been a lot more bitter disappointments than phenomenal surprises."
Still, the appraisal well flowed at a rate of more than 6,000 barrels of crude per day, Chevron said, -- putting it on a par with discoveries in exploration hot spots such as the waters off Angola.
It was the deepest successful well test in the U.S. Gulf. With U.S. oil output in decline, large new fields are increasingly rare and oil companies are widening their search to more difficult places and drilling to far greater depths than ever before.
Chevron, which operates the Jack prospect and has a 50 percent stake in the project, did not provide an estimate of its reserves or any indication of future production levels. Devon Energy (NYSE
VN - news) and Norway's Statoil (STL.OL) each own a 25 percent stake.
The companies plan to drill an additional appraisal well next year.
Chevron successfully tests new US Gulf oil discovery - Yahoo! News
Now Just think of it,,If The democrats lifted the Drilling in ANWR in alaska Then WE WOULDNT NEED SAUDI OIL!!! We could tell OPEC SHOVE IT UP YOUR ASS We dont need your oil! And We can really pressure the World if you want american oil then Youre gonna do AS WE SAY or YOU GET NO CHEAP OIL FROM US.That includes Russia,China and FRANCE So there wont be anymore games in the UN. Youre gonna do as we say or you can buy from OPEC at $75 a Barrel
However, any output from the find would not come online for several years at least, and analysts cautioned that it would do little to ease oil prices that have stayed at stubbornly high levels in recent months.
"In the last 15 years, there've been so many great projects that started out and then petered out," said Matt Simmons, head of Houston-based energy investment bankers Simmons & Co. "That's sort of been the history of the last five years in the Gulf. There's been a lot more bitter disappointments than phenomenal surprises."
Still, the appraisal well flowed at a rate of more than 6,000 barrels of crude per day, Chevron said, -- putting it on a par with discoveries in exploration hot spots such as the waters off Angola.
It was the deepest successful well test in the U.S. Gulf. With U.S. oil output in decline, large new fields are increasingly rare and oil companies are widening their search to more difficult places and drilling to far greater depths than ever before.
Chevron, which operates the Jack prospect and has a 50 percent stake in the project, did not provide an estimate of its reserves or any indication of future production levels. Devon Energy (NYSE
VN - news) and Norway's Statoil (STL.OL) each own a 25 percent stake.The companies plan to drill an additional appraisal well next year.
Chevron successfully tests new US Gulf oil discovery - Yahoo! News
Now Just think of it,,If The democrats lifted the Drilling in ANWR in alaska Then WE WOULDNT NEED SAUDI OIL!!! We could tell OPEC SHOVE IT UP YOUR ASS We dont need your oil! And We can really pressure the World if you want american oil then Youre gonna do AS WE SAY or YOU GET NO CHEAP OIL FROM US.That includes Russia,China and FRANCE So there wont be anymore games in the UN. Youre gonna do as we say or you can buy from OPEC at $75 a Barrel
