New Oil Discovery in the Gulf: 2 Trillion Cubic Feet, 165 Million Barrels, and They're Not Done Yet
CHRON.COM (January 11) -- McMoRan Exploration Co. today announced what it said could be one of the largest oil and natural gas discoveries in the shallow waters of the Gulf of Mexico in decades. The discovery was made at the Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in about 20 feet of water and 10 miles off the Louisiana coast, the New Orleans company and Energy XXI, one of its Houston partners in the project, said in statements this morning.
The well was drilled to 28,263 feet and found a 135-foot column of hydrocarbon-filled sands in the Wilcox section of the Eocene and Paleocene geologic trends. That puts the estimated the size of the discovery close to 2 trillion cubic feet of resources, rivaling some oil and gas discoveries in the deep water Gulf.
FORBES.COM -- Shares of oil companies McMoran Exploration, Energy XXI and Plains Exploration & Production are jumping this morning amid news that the trio has made a nice oil discovery at its Davy Jones prospect in the Gulf of Mexico. Drilling logs on the 28,000-foot-deep well (that's 5 miles down!) show a likely prize of as much as 165 million barrels of oil and natural gas. The partners aren't done drilling either: the plan is to keep drilling down to 29,000 feet.
HT: Bloggin' Brewskie