September 2, 2009

Hey Peak Oil people - stick it!

We seem to keep finding huge oil deposits deep down in the earth. British Petroleum just found one off our coast. From Bloomberg:
BP Makes �Giant� Oil Discovery in Gulf of Mexico
BP Plc, Europe�s second-largest oil company, reported a �giant� discovery at the Tiber Prospect in the Gulf of Mexico that may contain more than 3 billion barrels, after drilling the world�s deepest exploration well.

The well is located about 250 miles (400 kilometers) southeast of Houston, the London-based company said today in a statement. It was drilled to approximately 35,055 feet (10,685 meters), greater than the height of Mount Everest.

The latest discovery will help BP, already the biggest producer in the Gulf of Mexico, boost output in the region by 50 percent to 600,000 barrels of oil equivalent a day after 2020. It�s equal to about a year�s output from Saudi Arabia, the biggest exporter in the Organization of Petroleum Exporting Countries, as well as coming close to matching the U.K.�s entire proven reserves.
Cool but isn't that our milkshake? We need to be drilling offshore right now... Posted by DaveH at September 2, 2009 12:15 PM
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