Posted on 07/22/2009 8:54:34 PM PDT by Steelfish
Oxy Petroleum's oil and gas discovery may be California's largest in 35 years
The equivalent of 150 million to 250 million barrels of oil was found in a field that is 80% owned by the Westwood company, with two-thirds of the new source believed to be natural gas.
By Ronald D. White
July 22, 2009
Occidental Petroleum Corp. said it had discovered oil and natural gas in a Kern County field that might represent the biggest find in California in more than 35 years.
The nation's fourth-biggest oil company said Wednesday that it had found the equivalent of 150 million to 250 million barrels of oil, adding that two-thirds of the new source was believed to be natural gas. The Westwood company owns 80% of the Kern County field; Chevron Corp. of San Ramon, Calif., owns the rest. "We believe this to be the largest new oil and gas discovery made in California in more than 35 years," said Ray R. Irani, Occidental chairman and chief executive.
The discovery was described as major by analysts and probably resulted from improved exploration technology. The find could cause other oil companies to redouble their efforts to drill for oil and natural gas in the U.S., they said.
"Occidental's reserves as of the end of last year were about 3 billion barrels. Even if you take the low end of their estimate, it's a very meaningful find," said Fadel Gheit, senior energy analyst for Oppenheimer & Co.
The discovery was all the more valuable because of its location, he said.
"They don't have to travel far," Gheit said. "They don't have to negotiate complicated agreements with foreign governments. Basically, they will be drilling in their own backyard."
(Excerpt) Read more at latimes.com ...
lots of reports of big finds. Gore and his hedge fund suck ups must be short the energies.
Excellent news!!!
We sure could use some good news in CA for a change! LOL
Will we use it probably not. Thank you, government.
I can hear the lawsuits flying as I type....
This is one of Albert Gore’s more profitable stock holdings.
I’d figured Kern was the equivalent of a well used pin cushion by now, I’d love to know how deep they’re drilling...
The Gore family fortune was/is? based on Occidental Petroleum stock. No way he’s shorting it.
150 million barrels?
Don’t we use that in 36 hours?
I’m happy we’re willing to go get it [if it won’t disrupt the napping habits of yellow bellied flea mites].... but it isn’t much oil, is it?
“The company expects to drill more wells on its 1.1 million acres in California, where it is the largest natural-gas producer and third-largest oil producer in the state.
Occidental said it is probable that additional reserves exist on its acreage outside of the area defined by this discovery.”
http://money.cnn.com/news/newsfeeds/articles/djf500/200907221658DOWJONESDJONLINE000864_FORTUNE5.htm
I'd forgotten about that, or never cared to recall it to begin with.
Your conclusion isn't valid, but it's immaterial. My original post was more sarcasm than anything else.
Ping.
You’re a little behind the times. LOL
RINOld has negotiated with Lefties to drill off-shore in Santa Barbara even!!!
How much did anyone try in the last 35 years?
I smell a species becoming endangered in southern California tonight.
What is amazing is the 250 million barrels will supply the US for 12.5 days. I know it all adds up and this is good but it is still incredible how much is consumed across this country and the world.
So much for peak oil...
Kinda hard to sue somebody for drilling on their own land. LMAO
But we appreciate your “optimism” !
There are more oil wells than cotton plants in Kern County...
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