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Thread: Exxon finds 700 million barrels in the GOM

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    Exxon finds 700 million barrels in the GOM

    So much for the peak oil myth.

    Exxon Mobil Corp. (XOM) announced it found the equivalent of 700 million barrels of oil beneath the Gulf of Mexico, the biggest discovery in the region in 12 years.
    The estimated size of the Hadrian field may increase as drilling continues, Exxon said in a statement today. The discovery is about 250 miles (400 kilometers) southwest of New Orleans in 7,000 feet of water, Irving, Texas-based Exxon said.

    Exxon Finds Biggest Oil Field in Gulf of Mexico Since 1999 - Bloomberg

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by apdst View Post
    So much for the peak oil myth.
    Wow 700 million barrels

    Boy the US can stop importing oil now for 70 days

    Energy independance here the US comes

    700 million barrels is what most consider a small field

    Ghawar is Saudi Arabia was estimated to have 120 billion
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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    Re: Exxon finds 700 million barrels in the GOM

    World oil consumption is about 80 million barrels per day. So we gain a little over a week.
    Last edited by tacomancer; 06-14-11 at 11:24 PM.

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    Re: Exxon finds 700 million barrels in the GOM

    Boooyyaaah a week of oil! Yayyyyyyy!


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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by megaprogman View Post
    World oil consumption is about 80 million barrels per day. So we gain a little over a week.
    So, we're going to use this find to supply the world with oil? Or, just use it ourselves and put Americans back to work?

    I forgot to post the link to another new find by Noble Energy. My apologies.

    Noble Energy reports Gulf oil find - San Antonio Express-News

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by apdst View Post
    So, we're going to use this find to supply the world with oil? Or, just use it ourselves and put Americans back to work?

    I forgot to post the link to another new find by Noble Energy. My apologies.

    Noble Energy reports Gulf oil find - San Antonio Express-News
    You cannot be for free tade and protectist policies. Either way, peak oil is going to happen eventually, and liberal estimates we'll hit it up 2050, conservative estimate put it at 2025. Peak oil means demand is going to out pace the supply we can create, it means sky rocketing prices if we don't transfer to something else.
    Last edited by xpiher; 06-15-11 at 12:30 AM.

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by xpiher View Post
    You cannot be for free tade and protectist policies. Either way, peak oil is going to happen eventually, and liberal estimates we'll hit it up 2050, conservative estimate put it at 2025. Peak oil means demand is going to out pace the supply we can create, it means sky rocketing prices if we don't transfer to something else.
    How much money have you invested into green energy projects?

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by apdst View Post
    How much money have you invested into green energy projects?
    I wish I had the money to invest period. In about 9months I plan on starting my retirement savings with appox 60% dedicated to green

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    Re: Exxon finds 700 million barrels in the GOM

    "It is definitely depressing, more than depressing, I would say alarming, which is what we try to do, to alarm the governments. In many OECD countries....oil consumption came to a peak and it is slowing down, but the growth of the demand is coming from China, the Middle East, India. So demand will grow. The question is, whether or not we will be able to increase the production to meet that demand growth. According to our projections in the World Energy Outlook, even if we were to assume, and this is very important, even if we were to assume the next 20 years global oil demand growth was flat, no growth at all, in order to compensate the decline in the existing fields we have to increase the production about 45m bpd just to stay where we are in 20 years, which means to find and develop 4 new Saudi Arabias, and this is a major challenge." -Fatih Birol, Chief Economist of the International Energy Agency, September 2010 interviewed on BBC One Planet
    “Shell estimates that after 2015 supplies of easy-to-access oil and gas will no longer keep up with demand.” -Jeroen van de Veer – CEO of Shell, 22nd January 2008
    "If you think that at the moment the world is consuming 30-plus billion barrels a year of oil and is finding seven or eight billion barrels a year, and this state of affairs has been going on now for 20 or more years. "It's obviously unsustainable and the world is increasingly drawing on the bigger, older fields. You couple that notion with the irreversibility of decline and you've got a very alarming picture." -James W. Buckee -Retired President and CEO of Talisman Energy Inc., 29th January 2008.
    “In the longer run, unless we take serious steps to prepare for the day that we can no longer increase production of conventional oil, we are faced with the possibility of a major economic shock—and the political unrest that would ensue.” -Dr. James Schlesinger - former US Energy Secretary, 16th November 2005
    "In my humble opinion, we should now have reached peak oil. So it is high time to close this critical chapter in the history of international oil industry and bid the mighty peak farewell." - Ali Samsam Bakhtiari, Vice President of the National Iranian Oil Company
    "Technology is great, but it can't find what's not there. In the last five years, we consumed 27 billion barrels of oil a year, but the oil industry discovered only three billion barrels a year. So only one barrel was replaced for every nine we used." - Magoon Report for U.S. Geological Survey
    "The current relatively low oil prices give a respite to prepare for the coming new oil crisis. We have to reduce our dependency in all those areas in which black gold is not indispensable... And in all sectors, we have to accelerate our efficiency being aware that every barrel of oil that we are using is one of the last." -Andris Piebalgs, EU Energy Commissioner, May 2009
    Last edited by Neomalthusian; 06-15-11 at 12:38 AM.

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    Re: Exxon finds 700 million barrels in the GOM

    I suppose it only makes sense to have Brazil or China drill for and have it. It would be bad for the environment if the USA did. Then the USA can instead buy the Gulf oil on the world market.

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