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Firms announce big oil find beneath shallow Gulf waters
chron.com ^ | Jan. 11, 2010 | BRETT CLANTON

Posted on 01/11/2010 4:32:45 PM PST by Free ThinkerNY

McMoRan Exploration Co. today announced what it said could be one of the largest oil and natural gas discoveries in the shallow waters of the Gulf of Mexico in decades.

The discovery was made at the Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in about 20 feet of water and 10 miles off the Louisiana coast, the New Orleans company and Energy XXI, one of its Houston partners in the project, said in statements this morning.

The well was drilled to 28,263 feet and found a 135-foot column of hydrocarbon-filled sands in the Wilcox section of the Eocene and Paleocene geologic trends.

That puts the estimated the size of the discovery close to 2 trillion cubic feet of resources, rivaling some oil and gas discoveries in the deep water Gulf.

If development drilling confirms what early testing has shown, "this is going to be a huge reserve," McMoRan’s co-chairman, James R. Moffett, said in a conference call this morning.

(Excerpt) Read more at chron.com ...


TOPICS: News/Current Events
KEYWORDS: energy; naturalgas; offshoredrilling; oil

1 posted on 01/11/2010 4:32:45 PM PST by Free ThinkerNY
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To: Free ThinkerNY

Nice, but with the ‘rats and liberal socialists in power in DC, we’ll never be able to drill it.


2 posted on 01/11/2010 4:41:05 PM PST by ThunderSleeps (obama out now! I'll keep my money, my guns, and my freedom - you can keep the change.)
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To: Free ThinkerNY

Thank you energy companies, utilities and the free market. If it wasn’t for you - I might have frozen to death during the past week.


3 posted on 01/11/2010 4:41:51 PM PST by Frantzie (TV - sending Americans towards islamic serfdom - Cancel TV service NOW)
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To: Free ThinkerNY

In other news the Soros funded democrats in Washington banned shallow water drilling and slapped massive new new taxes on Gulf oil.

And in yet other news, democrats gave another $10 billion low cost loan to Soros’ Petrobras to drill for Brasilian oil.


4 posted on 01/11/2010 4:43:38 PM PST by FormerACLUmember (The urge to save humanity is almost always a false front for the urge to rule. - H. L. Menken.)
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To: Free ThinkerNY

Obama is saddened.


5 posted on 01/11/2010 4:45:51 PM PST by Cicero (Marcus Tullius)
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To: Free ThinkerNY

We must sequester this resource forever so as to protect our wetlands. And the endangered snail darting echidnas. And the fuzzy bunnies.


6 posted on 01/11/2010 4:45:57 PM PST by 17th Miss Regt
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To: Free ThinkerNY

There’s got to be some kind of endangered critter down there that we can use to shut them down.


7 posted on 01/11/2010 4:46:28 PM PST by marron
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To: Free ThinkerNY

Big Fing deal. The traitors running this country will never let us use it.


8 posted on 01/11/2010 4:46:34 PM PST by Gator113 (Obama is America's First Failed Black Pres-dent..... "Fruit of Kaboom Bomber" was the 3rd attack.)
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To: thackney

Any comments on this?


9 posted on 01/11/2010 4:47:45 PM PST by Repeal The 17th (I AM JIM THOMPSON!)
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To: marron

“There’s got to be some kind of endangered critter down there”

Nothin’ but some Bubba Gump shrimps!


10 posted on 01/11/2010 4:51:21 PM PST by mazda77 (Rubio for US Senate - West FL22nd - Dockery for Gov.)
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To: Free ThinkerNY
This is huge news. Unlike the billion dollar deepwater rigs that take years to fabricate, jackup rigs that operate in 20-80 feet of water are plentiful and can quickly moved where they are needed. A lot less planning, infrastructure, and support are required. It's almost the same as land drilling. Also, Louisiana, Texas, Mississippi, and Alabama are very pro-drilling.

Two trillion cubic feet of resources, even if mostly natural gas is worth $10 billion dollars. I believe that "offshore" natural gas gets priority in being shipped to the East Coast.

11 posted on 01/11/2010 4:55:26 PM PST by DJtex
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To: Free ThinkerNY

Wouldn’t it make sense for the Fed to actively start selling oil drilling leases to help pay down the debt? </rhetorical?>


12 posted on 01/11/2010 4:56:10 PM PST by YankeeReb
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To: DJtex

now,my question is does this have something to do with the Fed’s innot helping re-build parts of Louisiana from Katrina?


13 posted on 01/11/2010 4:59:48 PM PST by MissDairyGoodnessVT (Free Nobel Peace Prize with oil change =^..^=)
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To: mazda77

Anyway, like I was sayin’, shrimp is the fruit of the sea. You can barbecue it, boil it, broil it, bake it, saute it. There, uh, shrimp kabobs, shrimp creole, shrimp gumbo, panfried, deep fried, stir fried. There’s pineapple shrimp, lemon shrimp, coconut shrimp, pepper shrimp, shrimp soup, shrimp stew, shrimp salad, shrimp and potatoes, shrimp burger, shrimp sandwich... that’s, that’s about it.


14 posted on 01/11/2010 5:00:03 PM PST by null and void (We are now in day 355 of our national holiday from reality. - 0bama really isn't one of US.)
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To: DJtex

“jackup rigs that operate in 20-80 feet of water are plentiful and can quickly moved where they are needed”

Drill bit ready


15 posted on 01/11/2010 5:00:35 PM PST by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spirito Sancto.)
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To: combat_boots

Righto that is a good score. Maybe it will help get the patch going again in shallow water. 28k down is deep. It might be all over out there.


16 posted on 01/11/2010 5:10:30 PM PST by screaminsunshine (!!three if by government)
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To: ThunderSleeps

In La it will get drilled. It’s state land and they love oil in Bayou Country.


17 posted on 01/11/2010 5:11:04 PM PST by Recon Dad ( USMC SSgt Patrick O - 3rd Afghanistan Deployment - Day 83)
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To: ThunderSleeps
"Nice, but with the ‘rats and liberal socialists in power in DC, we’ll never be able to drill it."

They are going to drill the field, in and off of Louisiana not much stands in their way. Oil and gas is number one in our economy, followed by agriculture and forestry.

18 posted on 01/11/2010 5:16:48 PM PST by JustaDumbBlonde
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To: Free ThinkerNY

When can the Chinese start drilling?

Its so sad that a man has to laugh about it. We got oil all over the place and these freaks in DC dont care one bit if we starve.


19 posted on 01/11/2010 5:23:17 PM PST by crz
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To: Free ThinkerNY

is there a map or diagram anywhere that maps the off shore oil wells around the US and the countries to which they belong?


20 posted on 01/11/2010 5:25:28 PM PST by Chickensoup (We have the government we deserve. Is our government our traitor?)
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To: Repeal The 17th

It is much more exciting to explore with an $80,000/day jackup than a $500,000/day semisubmersible. If you find big fields.

http://blogs.chron.com/newswatchenergy/archives/2010/01/huge_find_in_th.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+houstonchronicle%2Fnewswatchenergy+%28NewsWatch%3A+Energy%29


21 posted on 01/11/2010 5:28:44 PM PST by thackney (life is fragile, handle with prayer)
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To: Free ThinkerNY
Update.
22 posted on 01/11/2010 5:29:47 PM PST by 1066AD
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To: DJtex
I believe that "offshore" natural gas gets priority in being shipped to the East Coast.

Only when they want to pay a priority price. And no difference onshore versus offshore.

Otherwise it is an open market for everybody on the pipelines.

23 posted on 01/11/2010 5:33:06 PM PST by thackney (life is fragile, handle with prayer)
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To: null and void

And that’s all I have to say about that.


24 posted on 01/11/2010 5:34:11 PM PST by mazda77 (Rubio for US Senate - West FL22nd - Dockery for Gov.)
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To: Chickensoup

US GOM lease information can be found here:

http://www.gomr.mms.gov/homepg/lsesale/lsesale.html


25 posted on 01/11/2010 5:40:45 PM PST by thackney (life is fragile, handle with prayer)
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To: Free ThinkerNY

Imagine all the jobs the development of this find would generate,,,,off shore and on. The number of new cars that would be bought, the tax revenue that would be generated. Oh almost forgot, like Kali. we don’t need no stinking revenue.


26 posted on 01/11/2010 5:48:34 PM PST by Waco
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To: Free ThinkerNY

Imagine all the jobs the development of this find would generate,,,,off shore and on. The number of new cars that would be bought, the tax revenue that would be generated. Oh almost forgot, like Kali. we don’t need no stinking revenue.


27 posted on 01/11/2010 5:51:10 PM PST by Waco
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To: Free ThinkerNY

Imagine all the jobs the development of this find would generate,,,,off shore and on. The number of new cars that would be bought, the tax revenue that would be generated. Oh almost forgot, like Kali. we don’t need no stinking revenue.


28 posted on 01/11/2010 5:53:20 PM PST by Waco
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To: Free ThinkerNY
But this will reduce our dependence on foreign oil! We can't have that! This ruins everything! Something must be done! Obama! Help!
29 posted on 01/11/2010 5:59:29 PM PST by Manic_Episode (Some mornings, it's just not worth chewing through the leather straps...)
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To: thackney

But who leases them? US firms or others?


30 posted on 01/11/2010 6:01:48 PM PST by Chickensoup (We have the government we deserve. Is our government our traitor?)
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To: null and void

Bubba forgot about shrimp and grits.


31 posted on 01/11/2010 6:02:44 PM PST by Rebelbase
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To: null and void

Where’s the shrimp pizza?


32 posted on 01/11/2010 6:02:44 PM PST by cajuncow
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To: null and void

Don’t forget shrimp dip, shrimp mold, shrimp etouffee, creole shrimp, bacon-wrapped shrimp.


33 posted on 01/11/2010 6:08:27 PM PST by tfbcowinafog
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To: tfbcowinafog
bacon-wrapped shrimp...

Mmmmmm.... bacon-wrapped.....mmmmm.....

34 posted on 01/11/2010 6:28:47 PM PST by Alas Babylon!
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To: Free ThinkerNY
The well was drilled to 28,263 feet and found a 135-foot column of hydrocarbon-filled sands in the Wilcox section of...

Isn't the temperature down that deep several million degrees F as Algore said on the Conan O’Brien show?

Seriously, how do dead things that were once on the surface of the earth get so deep under the surface? Just askin'.

35 posted on 01/11/2010 6:43:33 PM PST by Mike Darancette (Copenhagen Climate Summit; Shovel Ready)
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To: combat_boots
Drill bit ready

As long as it's a Smith and not that Hughes crap ..;-0

36 posted on 01/11/2010 6:45:39 PM PST by TWfromTEXAS (Life is the one choice that pro choicers will not support.)
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To: Chickensoup

“Any comments on this?”

Yep.

I bought stock in MMR at $7.48 and more today @$13.75[I missed the news as it broke and the price had exploded] After hours trading at $14.50.

If you go to the McMoran website, there are good powerpoint presentations on the geology of the area.

McMoran has been around for a long, long time. It is a split off of Freeport-McMoran [which was the old McMoran sulphur during the early 20th c.] F-M has the 2nd largest copper mining reserves [w/ plenty of gold, too]

With the cost savings on jackups rather than deepwater rigs and close transport [they’ve even built an LNG floating port, I understand] they feel they can break-even at 30-40 per barrel pricing. [Barring additional onerous Federal rules]

Additionally, I understand that most of the wells are on Louisiana’s territory, not the Fed, although they’ve bought up adjacent Federal leases so they don’t have someone else squeezing hydros out of their fields.

It is my firm belief that the majors’ finds off of Oz, Africa, and the GOM, along with shale gas, will permit the US to tell ‘those who don’t like us very much’ [from whom we buy hydrocarbon resources] to get stuffed...sideways.

Oh, happy, happy day.


37 posted on 01/11/2010 7:16:31 PM PST by FreeStateYank (I want my country and constitution back, now!)
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To: Chickensoup

US firms and others.

The largest oil producer in the US is BP.

75% of ExxonMobil revenue comes from outside the US.

Royal Dutch Shell does a lot of deep water.


38 posted on 01/11/2010 7:37:15 PM PST by thackney (life is fragile, handle with prayer)
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To: null and void
Anyway, like I was sayin’, shrimp is the fruit of the sea. You can ...

...take a Benadryl prior to eating a few, until feeling a slight tingle in the throat.

Love'm. Where there's a will, there's a way.

Slowly rebuilding my immunity to the critters.

I was able to eat them with impunity, and just about anything else, for decades; then, one day, BANG!

Off to the hospital, about a half hour after having some with dinner.

"Tiger Prawns" are the worst; fresh NC shrimp have almost no effect at all. Gulf & California shrimp are somewhere in the middle.

Crawdaddies, langostina, and lobster have no effect whatsoever.

39 posted on 01/11/2010 9:17:54 PM PST by ApplegateRanch (I think not, therefore I don't exist!)
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To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...
...at the Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in about 20 feet of water and 10 miles off the Louisiana coast... drilled to 28,263 feet and found a 135-foot column of hydrocarbon-filled sands in the Wilcox section of the Eocene and Paleocene geologic trends... estimated.. 2 trillion cubic feet of resources, rivaling some oil and gas discoveries in the deep water Gulf.
Thanks Free ThinkerNY.
40 posted on 01/14/2010 6:24:48 PM PST by SunkenCiv (Happy New Year! Freedom is Priceless.)
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