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J. Dillon
09-02-2009, 07:52 PM
http://finance.yahoo.com/news/article/107659/bp-makes-giant-oil-find-in-gulf-of-mexico

paladin
09-02-2009, 08:25 PM
Rigzone published that in their on-line journal 2-4 days ago, and also another big find in the Camaroon fields and another in Nigeria.

Paul Pless
09-02-2009, 08:45 PM
At our current consumption rate of 19.5 million barrels a day, that would last the U.S. about two months.:rolleyes:

brad9798
09-02-2009, 09:26 PM
I'm gonna retrofit MY LADY with 502 big blocks now! Forget those little 283s! ;)

LeeG
09-03-2009, 01:21 AM
could you find a few extra Saudi Arabias while you're at it?

LeeG
09-03-2009, 02:03 AM
At our current consumption rate of 19.5 million barrels a day, that would last the U.S. about two months.:rolleyes:

tsk, tsk. You aren't supposed to actually pay attention to the numbers.

LeeG
09-03-2009, 02:17 AM
can't see the forest for the trees

http://www.businessinsider.com/bps-oil-discovery-is-great-for-bp-but-doesnt-change-the-energy-picture-2009-9

For the rest of the world though, it's not going to be much help. Analysts believe BP will be pumping out 650,000 barrels of oil equivalent. And that's in 2014, if the company is lucky. At that point, the IEA expects global demand for oil to be around 85 million to 89 million barrels per day, depending on how the economy grows.

Even if there was more oil coming online from the discovery, it wouldn't help the world's economy. The oil will be pulled from deep in the ground. It's as deep in the earth as Mount Everest is tall. For that to be profitable, the price of oil needs to be in the $70-80 range. At that price range the global economy feels a pinch from higher energy costs.

That price range makes the discovery look unremarkable for another reason. It's the same price oil sands producers need to turn a profit. There's 1.7 trillion barrels of oil in Canada. A pessimistic assessment of the oil sands by FBR earlier this year said it could produce 2 million barrels a day by 2015, which is considerably more than BP thinks it will get from this discovery.