One Billion Barrels of Oil Discovered off US Coast

Hot Air ^ | 1/10/19 | Savannah Pointer

[DeathBeforeDishonor1]

British Petroleum announced this week that it had identified a drilling area capable of producing 1 billion barrels of oil in the Gulf of Mexico.

The discovery was made thanks to what the company referred to as “recent BP breakthrough in seismic imaging” used for oil exploration.

And the announcement came only days after Bloomberg reported that the United States had become became a net exporter of oil for the first time in decades.

In a news release, BP announced it expected to grow its gulf production to around 400,000 barrels of oil per day in the next decade.

“BP’s Gulf of Mexico business is key to our strategy of growing production of advantaged high-margin oil. We are building on our world-class position, upgrading the resources at our fields through technology, productivity and exploration success,” said Bernard Looney, BP’s Upstream chief executive, according to the news release.

“And these fields are still young – only 12 percent of the hydrocarbons in place across our gulf portfolio have been produced so far. We can see many opportunities for further development, offering the potential to continue to create significant value through the middle of the next decade and beyond.”

CNBC reported that BP is scheduled to start production on the new find in 2020 with eight new wells that will add 38,000 barrels per day to BP’s production in the area, which is off the coast of Louisiana.

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Completing this poll entitles you to The Western Journal news updates free of charge. You may opt out at anytime. You also agree to our Privacy Policy and Terms of Use. The discovery “shows how our latest technologies and digital techniques create real value – identifying opportunities, driving efficiencies and enabling the delivery of major projects,” said Starlee Sykes, BP’s regional president for the Gulf of Mexico and Canada, said in the release.

“Developments like this are building an exciting future for our business in the gulf.”

According to its website, BP currently operates in 70 countries and has a, “larger economic footprint in the U.S. than in any other nation, and it has invested more than $100 billion here since 2005.”

In its report about U.S. oil production, Bloomberg quoted Michael Lynch, the president of Strategic Energy & Economic Research, who said, “We are becoming the dominant energy power in the world.”

“But, because the change is gradual over time, I don’t think it’s going to cause a huge revolution, but you do have to think that OPEC is going to have to take that into account when they think about cutting,” Lynch clarified.

[Bob434]

[[One Billion Barrels of Oil Discovered off US Coast]]

Democrats furiously trying to throw together a bill that makes it off limits to America forever- most republicans on board with the proposal

[Phillyred]

Quick! Find an endangered species! Ooh! I think there may be some white NFL running backs living in them parts.

[SamAdams76]

During the 1970s, all we heard about was how we would run out of oil by 1990. Settled science. Thirty years later, we probably have enough oil for hundreds of years.

Shows you how much the "experts" know.

Remember that when you hear the "experts" prattle on about "global warming".

[Jim Robinson]

Wait a minute. I thought the liberal’s ‘settled science’ said the earth was going to run out of oil by now?

[Red Badger]

Sierra Club goes insane..................Film at eleven.................

[Chauncey Gardiner]

BP has a great history in the Gulf. (Not)

[dfwgator]

“Looks like the Senator done changed his position on offshore drillin’!”

[Red Badger]

It’s that ‘Peek Oil’ we’ve all heard so much about.

Everywhere they peek they find oil.................

[ClearCase_guy]

Fusion Power Plants are always “25 years away” — but it seems pretty safe to say that we really will have limitless Fusion power before we run out of oil and coal.

[mrmeyer]

But what about peak oil?

[Professional]

But Jimmy Carter in the 1970s said we were running out of petroleum products???

LOL, think about how the hand wringing was back then... we’d all be eating each other, out of food, resources, overpopulated....

They were just a little bit WRONG

[Red Badger]

Well, except for that one thing....................

[advance_copy]

The winning, it’s too much; I just can’t take it any more.

[Combat_Liberalism]

Does anybody remember the Left’s “Peak Oil” baloney?

Now that that self-serving Peak Oil theory has been blown to smithereens, I’m looking for some real scientists, not phony left leaning political scientists, to blow the man-made global climate warming theory out of the water, too.

Then the leftist media will be held to account for their ongoing spin, lies, and blatant advocacy.

[Red Badger]

We’ve only just begun.........................

[alloysteel]

BP? Gulf of Mexico? What could possibly go wrong?

Never mind, the enviro-weenies will find some only barely plausible reason to attempt to shut this down.

[ClearCase_guy]

But Jimmy Carter in the 1970s said we were running out of petroleum products???

It's a little like the (possibly apocryphal?) story of the government guy in the 1800s who wanted to close the Patent office. Because -- you know -- everything had already been invented.

It's pretty arrogant for people to say that we have discovered all the oil, and we have maximized all of the extraction technology, and we will never (ever) find a way to increase our reserves of natural resources. Hey, it's all downhill from here -- we're certainly running out now!

Science repeatedly shows that one should never make such a declaration. Even if one is a nuclear engineer like Jimmy.

[Bonemaker]

Cuomo will try and stop it.

[cuban leaf]

I’m beginnng to think Thomas Gold may have been on to something.