Marathon says discovers oil in Gulf of Mexico

Marathon says discovers oil in Gulf of Mexico

www.speroforum.com

U.S.-based energy company Marathon Oil Corporation said Tuesday that it has discovered oil in the Gulf of Mexico. The commercial discovery was drilled in a deepwater well in the Gulf of Mexico on Green Canyon Block 244.

Marathon said the Droshky #1 discovery well - previously named Troika Deep - is located approximately 137 miles south-southwest of Venice, La., in approximately 2,900 feet of water.

The well was drilled to a total depth of 21,190 feet and encountered high quality oil bearing reservoirs. Based upon log information, the well is estimated to have about 250 feet of net oil pay, Marathon said.

Marathon holds a 100 percent interest in the Droshky #1 well and a 50 percent interest in the Troika Unit.

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How significant is this find? What is 250ft of net pay?

I don't know but I sure wish they would start pumping the oil at Anwar...


www.speroforum.com
(visit the link for the full news article)

Originally posted by JacKatMtn
How significant is this find? What is 250ft of net pay?

My understanding is it is the thickness of the layer of rock that the oil flows from.

Originally posted by JacKatMtn

I don't know but I sure wish they would start pumping the oil at Anwar...

If there is oil any where I wish they would pump it, but could you tell me just where is Anwar? Also if they pump the oil it will need to go to a country, not the U.S. to be refined. The U.S. does not have the refining capability for its needs any more

Also could some one explain how significant this find is? Compare it to the amount of oil in the oil rich countries or something.

Originally posted by RedGolem
If there is oil any where I wish they would pump it, but could you tell me just where is Anwar?

I believe Anwar (ANWR) is the acronym for Alaska National Wildlife Reserve, there is a big dispute on the environmental impact drilling there would present.

One side says that modern drilling techniques will leave a very small impact, the other says this is not so.

I remember the President calling for congress to allow drilling there back in his first term, nothing has come of it.

As far as the potential, I don't know, it appears to be substantial, here is some information from the US Dept. of Interior:

ANWR Oil Reserves Greater Than Any State

Interior Secretary Gale Norton said that oil reserves in the far Northern Coastal Plain of ANWR represent the nation's largest single prospect for future oil production - greater than any state, including Texas and Louisiana.

Secretary Norton shared statistics about ANWR's energy potential with members of the U.S. House Resource Committee during testimony this morning on Capitol Hill.

"The Administration firmly believes that we can develop energy at home while protecting the environmental values we all hold dear," Secretary Norton said. "The Coastal Plain of ANWR's 1002 area is the nation's single greatest onshore oil reserve. The USGS estimates that it contains a mean expected value of 10.4 billion barrels of technically recoverable oil. To put that into context, the potential daily production from ANWR's 1002 area is larger than the current daily onshore oil production of any of the lower 48 states."

"ANWR could produce nearly 1.4 million barrels of oil, while Texas produces just more than one million barrels a day, California just less than one million barrels a day and Louisiana produces slightly more than 200,000 barrels a day."

OK now I know what you are talking about. Yes I do know what the arctic wild life refuge is. I do remember Bush opening up a small part of it for drilling. Yes I wish it had happened. Oh well, I guess we all be little more the slaves to the energy companies.

that's awesome!

now, if the gas prices drop I can drive my car a whole hell of a lot more. and in return for them sucking the planet of every natural resource it has, maybe I can help to buy the Marathon share holders a new yacht or something equally important with the hard earned cash I spend on my 24 mpg car.

I don't think this is more significant than other GoM finds: small. Usually less than 1 billion barells, and only about 50% of the oil is completely extracted and shipped. I don't like the ANWR idea. Just a money grubbing adventure for oil tycoons to monkey hustle on the play of middle east oil=bad, domestic oil=good.