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Franco
09-02-2009, 07:05 PM
Offshore La, Tx, Fl & Ca have much more of what BP just discovered.

LONDON (Reuters) - Oil major BP Plc said it has made an oil discovery in the Gulf of Mexico, which analysts believe could contain over 1 billion barrels of recoverable reserves, reaffirming the Gulf's strategic importance to the industry.


BP said in a statement on Wednesday that it had made the "giant" find at its Tiber Prospect in the Keathley Canyon block 102, by drilling one of the deepest wells ever sunk by the industry.
Further appraisal will be required to ascertain the size of volumes of oil present, but a spokesman said the find should be bigger than its Kaskida discovery which has over 3 billion barrels of oil in place.
Estimates of recoverable reserves range from around 20 percent of oil in place.
"Assuming reserves in place of 4 billion barrels and a 35 percent recovery rate, BP's proven reserves .. would rise by 868 million barrels -- equivalent to 4.8 percent of the group's 18.14 billion barrels of proven reserves," Aymeric De-Villaret, oil analyst at Societe Generale said in a research note.
BP, the biggest oil producer in the U.S. and biggest leaseholder in the Gulf of Mexico, has a 62 percent working interest in the block, while Brazilian state-controlled Petrobras
owns 20 percent and U.S. oil major ConocoPhillips owns 18 percent.
Iain Armstrong, analyst at Brewin Dolphin, said the discovery may have implications for long-term oil prices.
"It will ease concerns about peak oil because it shows there is life left in these mature areas," he said, adding that it could be the second half of the next decade before the find is producing.
The discovery also bodes well for other exploration in that part of the Gulf of Mexico, including at Royal Dutch Shell's nearby Great White field, Jason Kenny, oil analyst at ING in Edinburgh, said.

K G
09-02-2009, 08:29 PM
None of that will matter one whit with regard to the price of oil unless there are more refineries built....

Not a new one since 1970 regards, :rolleyes:

kg

Franco
09-02-2009, 09:04 PM
No new ones but, just about all have expanded thier capacities.

But, I do agree we could use some new ones.

Raymond Little
09-02-2009, 09:12 PM
Hold on gentlemen, all petro chem expansions in my area have been put on hold. Can you guess why????:rolleyes:


Tax and Trade Regards:mad:

K G
09-02-2009, 09:12 PM
I read a report the other day that said we are GUARANTEED to see a gallon of gas at $4+ because of our lack of refining capacity. Demand is lower than it's been in decades per capita...the oil companies won't build new refineries because it'll up the capacity against lower demand, further lowering the price. Speculators are driving the market now...and when the economy starts to move in the right direction, look out...we'll all be staying home more which will flatten the economy again.

Unless we get off our dependence on foreign oil and build more refineries, it's all a foregone conclusion.

kg

Buzz
09-02-2009, 09:50 PM
I read a report the other day that said we are GUARANTEED to see a gallon of gas at $4+ because of our lack of refining capacity. Demand is lower than it's been in decades per capita...the oil companies won't build new refineries because it'll up the capacity against lower demand, further lowering the price. Speculators are driving the market now...and when the economy starts to move in the right direction, look out...we'll all be staying home more which will flatten the economy again.

Unless we get off our dependence on foreign oil and build more refineries, it's all a foregone conclusion.

kg

Unfortunately there are two things working against increase in refinery capacity. One is government regulation. The other is, it is contrary to the producer's interest in keeping prices high.

To get an idea what impact this discovery has on supply, divide 1 billion by the amount of oil we use per day in the US, which is about 20 million barrels.

Franco
09-02-2009, 10:12 PM
There are enough oil reserves both offshore and in Alaska for us to be independent for many decades. Oil companies do want to drill now but, not if the govenment is going to tax both the oil industry and consumer into oblivian.

K G
09-03-2009, 10:13 AM
Unfortunately there are two things working against increase in refinery capacity. One is government regulation. The other is, it is contrary to the producer's interest in keeping prices high.

Which is why I said this...
the oil companies won't build new refineries because it'll up the capacity against lower demand, further lowering the price. Wouldn't we all assume that lowering the price would be contrary to the producer's goals?

As for government regulation, seems like BHO could do more than one thing at a time, maybe? Or is that too much like walking and chewing gum at the same time....:confused:

He's "priority impaired" regards,

kg

Buzz
09-03-2009, 10:32 AM
Which is why I said this... Wouldn't we all assume that lowering the price would be contrary to the producer's goals?

As for government regulation, seems like BHO could do more than one thing at a time, maybe? Or is that too much like walking and chewing gum at the same time....:confused:

He's "priority impaired" regards,

kg

Maybe he can get the government into building refineries?

Just kidding...

K G
09-03-2009, 11:55 AM
Maybe he can get the government into building refineries?

Just kidding...

Maybe BHO could consider allowing the expansion of drilling areas offshore AND loosening some of the regs that bind oil companies from building more refineries. Oil companies aren't going to take the first step if the government keeps it from making sense for them to do so.

Not kidding regards,

kg

SMITTYSSGTUSMC
09-03-2009, 05:16 PM
If a Company is producing 1,000,000 gallons of gas a day with one refinery at $3.00 a gallon total money made $3,000,000

two refineries 2,000,000 gallons at $2.00= $4,000,000


everybody wins right?

Buzz
09-03-2009, 05:26 PM
If a Company is producing 1,000,000 gallons of gas a day with one refinery at $3.00 a gallon total money made $3,000,000

two refineries 2,000,000 gallons at $2.00= $4,000,000


everybody wins right?

This is gross revenue. I'm sure the formula for maximized profit would be a little more complicated.

SMITTYSSGTUSMC
09-03-2009, 05:44 PM
This is gross revenue. I'm sure the formula for maximized profit would be a little more complicated.

Why doesent the gov. build one or ten then we can get all the cheap gas we want!!!!

oh wait that would be just like Chaves

SMITTYSSGTUSMC
09-03-2009, 05:51 PM
I say we start drilling in the gulf. Oil drilled today could be refined tomorrow, and in gas tanks of commercial vics, by the weekend. boosting the economy in every aspect of life to include more jobs, less fuel cost, (i.e) more fuel used more moeny spent, more work done, more gross domestic product made, more goods sold, less debt.

zeus3925
09-03-2009, 10:05 PM
Why doesent the gov. build one or ten then we can get all the cheap gas we want!!!!

oh wait that would be just like Chaves

The government has no business building refineries. That would be socialism for sure. Besides with the huge profits the industry has made the last few years, they can afford to build and expand.

Franco
09-03-2009, 10:12 PM
I say we start drilling in the gulf while building a refinery in New Orleans as mother nature made a blank spot big enough to hold such a refinery so close to a huge deposit of oil.



We have enough refineries north of New Orleans. I think we should build one in Santa Monica, La Jolla and San Francisco, Ca. Right in the heart of liberal America. Californians consume enough gas and diesel so let them build it there!

Build three refineries in Oceanside, Ca. since there is nothing of value there!

Buzz
09-03-2009, 11:01 PM
We have enough refineries north of New Orleans. I think we should build one in Santa Monica, La Jolla and San Francisco, Ca. Right in the heart of liberal America. Californians consume enough gas and diesel so let them build it there!

They can put one here in South Dakota. Actually, that's in the works.

SMITTYSSGTUSMC
09-04-2009, 10:11 AM
We have enough refineries north of New Orleans. I think we should build one in Santa Monica, La Jolla and San Francisco, Ca. Right in the heart of liberal America. Californians consume enough gas and diesel so let them build it there!

Build three refineries in Oceanside, Ca. since there is nothing of value there!

Me too
I would love a refinery right here in Cali and drilling off the coast bring the tuna to the rigs and the gas prices down ive got about 500 cash in tha bank any one want to go in on building one here in Oside? \


Shit there is more than enough space on base here they could build three and still have enough room to train Marines, Shit we already have a Nuke power plant bring on the fuel but they must be allowed to drill the oil that is here!!!!


Drill baby Drill !!!

Martin
09-04-2009, 10:13 AM
Offshore La, Tx, Fl & Ca have much more of what BP just discovered.

LONDON (Reuters) - Oil major BP Plc said it has made an oil discovery in the Gulf of Mexico, which analysts believe could contain over 1 billion barrels of recoverable reserves, reaffirming the Gulf's strategic importance to the industry.


BP said in a statement on Wednesday that it had made the "giant" find at its Tiber Prospect in the Keathley Canyon block 102, by drilling one of the deepest wells ever sunk by the industry.
Further appraisal will be required to ascertain the size of volumes of oil present, but a spokesman said the find should be bigger than its Kaskida discovery which has over 3 billion barrels of oil in place.
Estimates of recoverable reserves range from around 20 percent of oil in place.
"Assuming reserves in place of 4 billion barrels and a 35 percent recovery rate, BP's proven reserves .. would rise by 868 million barrels -- equivalent to 4.8 percent of the group's 18.14 billion barrels of proven reserves," Aymeric De-Villaret, oil analyst at Societe Generale said in a research note.
BP, the biggest oil producer in the U.S. and biggest leaseholder in the Gulf of Mexico, has a 62 percent working interest in the block, while Brazilian state-controlled Petrobras
owns 20 percent and U.S. oil major ConocoPhillips owns 18 percent.
Iain Armstrong, analyst at Brewin Dolphin, said the discovery may have implications for long-term oil prices.
"It will ease concerns about peak oil because it shows there is life left in these mature areas," he said, adding that it could be the second half of the next decade before the find is producing.
The discovery also bodes well for other exploration in that part of the Gulf of Mexico, including at Royal Dutch Shell's nearby Great White field, Jason Kenny, oil analyst at ING in Edinburgh, said.

DRILL BABY DRILL. A BUSHEL OF WHEAT SHOULD BE THE SAME PRICE AS A BARREL OF OIL!

Martin

Franco
09-04-2009, 11:03 AM
Drill baby Drill !!!



I did take exception to your comments about building a refinery IN New Orleans. The city suffered the worst disaster in the history of our country and there are a lot of hard-working decent folks trying to rebuild thier lives. Not all of them are the Democrats you saw on TV with thier hands out and blaming President Bush.

Yes, California should be drilling offshore as well as Florida. It would be the best thing we could do in the short term to ease the price of gas & diesel at the pump. Since this new discovery is off the coast of Louisiana, I'm just glad the Gov Bobby Jindal negociated higher royalities for the state prior to his election. Lafayette and Cajun Louisiana has not been affected by the slow economy (except for car dealers) and as long as we don't have Cap and Trade, this area should remain healthy. That is because we are the hub for the state's offshore drilling. We have numerous 21-29 year olds earning six figures working offshore and that is a good thing because they spend thier money. The oil industry empolys tens of thousands in the area and we will spend the money to see that Obama doesn't get his way!

SMITTYSSGTUSMC
09-04-2009, 11:23 AM
I did take exception to your comments about building a refinery IN New Orleans. The city suffered the worst disaster in the history of our country and there are a lot of hard-working decent folks trying to rebuild thier lives. Not all of them are the Democrats you saw on TV with thier hands out and blaming President Bush.



The Post was in question was poor in taste at best and my apology to any hard working red blooded American who is trying to rebuild there life in that area of devistaion. my aunt lives in P.cola Fl and got just a small taste of what happened in your and the surounding area. to often the few who do work hard are over shadowed by the many who would rather blame someone else for there lazy work ethic and lack of motovation.

Again I am sorry for the post and will remove said post soon.

SMITTYSSGTUSMC
09-04-2009, 11:32 AM
We have numerous 21-29 year olds earning six figures working offshore and that is a good thing because they spend thier money. The oil industry empolys tens of thousands in the area and we will spend the money to see that Obama doesn't get his way!

WOW i have served this Country for over 10 years in the Marine Corps and dont make anywhere close to six figures and im starting to think i may have missed the boat on getting into the drilling bussiness, however if they do start to put offshore rigs up and down the west coast i will gladly fish them for huge tuna and would gladly have you on my boat any time you wish.

Franco
09-04-2009, 02:55 PM
Thanks Smitty, I may look you up on that!:cool: