Mmmmmm.... bacon-wrapped.....mmmmm.....
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 ...
It is much more exciting to explore with an $80,000/day jackup than a $500,000/day semisubmersible. If you find big fields.
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.
And that’s all I have to say about that.
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.
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.
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.
But who leases them? US firms or others?
Bubba forgot about shrimp and grits.
Where’s the shrimp pizza?
Don’t forget shrimp dip, shrimp mold, shrimp etouffee, creole shrimp, bacon-wrapped shrimp.
Mmmmmm.... bacon-wrapped.....mmmmm.....
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'.
As long as it's a Smith and not that Hughes crap ..;-0
“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.
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.
...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.
...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.
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