Exxon-Mobil has 3 new oil and gas discoveries right in our own backyard and yet the O-regime continues to block further exploration. The answer to our energy independence (AND JOBS!!!) is right here at home in our coastal areas and on our federal lands. Obama’s answer is to loan billions of American dollars to Brazil for the development of Brazilian offshore reserves. It simply defies all logic.
HOUSTON (Reuters) – Exxon Mobil Corp (XOM.N) has made two big new oil discoveries and a natural gas find in the deepwater Gulf of Mexico, news that underscores the importance of the prolific basin to U.S. crude output.
Oil and gas exploration in the Gulf was halted by the U.S. government last year after the blowout at BP Plc’s (BP.L) (BP.N) Macondo well, and activity in the Gulf remains at levels far below those seen before the oil spill.
Exxon estimated the new wells could produce about 700 million barrels of oil equivalent (BOE).
“Seven hundred million barrels doesn’t happen very often,” John White, an analyst at Houston-based Triple Double Advisors in Houston, said. “That’s a lot of oil.”
The lower tertiary geological formation which stretches across the deepwater Gulf, is thought to hold as much 15 billion barrels of oil. Recent large discoveries there include BP Plc’s (BP.L) Kaskida, estimated to hold 3 billion barrels of oil.
Tags: Energy Independence
