CybeRelease: Vast Oil Deposit Found in Gulf
(CybeRelease, September 6, 2006) - Lake Harmony - Chevron Corp. and two partners said yesterday that they had tapped a potentially huge source of oil in the Gulf of Mexico’s deep waters, raising hopes that further discoveries in the region could help ease the nation’s oil supply woes.
The successful test of the deepest well ever drilled in U.S. territory showed such promise that some think the undersea oil pool could be the largest domestic discovery of crude since Alaska’s Prudhoe Bay field began flowing nearly 40 years ago.
“An opportunity like this only comes once every few decades,” said Daniel Yergin, chairman of Boston-based Cambridge Energy Research Associates. “It holds out the prospect that this means more supply, and more supply is good news for consumers.”
The geologic formation being targeted by Chevron’s group and others could begin producing oil steadily as early as 2012, and could yield 800,000 barrels of crude a day, which would be about 11 percent of total U.S. production, according to an August report from Yergin’s group.
Chevron, whose partners include Devon Energy Corp. of Oklahoma and Norway’s Statoil, would not specify the size of its find except to note that the deep-water gulf could hold 3 billion to 15 billion barrels of oil and natural gas.
Although the discovery suggests that the undersea region holds more oil than previously thought, experts warn that the crude will be expensive to extract and years in coming.
What’s more, the growing demand for oil in the United States and elsewhere could quickly eat away the expected production gains.
Another company that could benefit is Black Dragon Resource Companies, Inc. (OTC PK: BDGR). Check out their web site at http://www.black-dragonoil.com/
For a Free Newsletter, go to http://www.OTCReporter.com
CybeRelease Gainers are Click Commerce, Inc. (Nasdaq: CKCM), Parlux Fragrances, Inc. (Nasdaq: PARL), Delta Petroleum Corporation (Nasdaq: DPTR), Sigma Designs, Inc. (Nasdaq: SIGM), Progenics Pharmaceuticals Inc. (Nasdaq: PGNX), Cost Plus, Inc. (Nasdaq: CPWM), NVE Corporation (Nasdaq: NVEC) and Allos Therapeutics, Inc. (Nasdaq: ALTH).
CybeRelease Decliners are Adolor Corporation (Nasdaq: ADLR), Redback Networks Inc. (Nasdaq: RBAK), RealNetworks, Inc. (Nasdaq: RNWK), Sirenza Microdevices, Inc. (Nasdaq: SMDI), Bookham, Inc. (Nasdaq: BKHM), Escala Group, Inc. (Nasdaq: ESCL), Mikron Infrared, Inc. (Nasdaq: MIKR) and Sigmatel, Inc. (Nasdaq: SGTL).
Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. We accept no liability for any losses arising from an investor’s reliance on or use of this report. This report is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. A third party has hired and paid CybeRelease $500.00 for the publication of this report. Certain information included herein is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. Such forward-looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. We have no ownership of equity, no representation and do no trading of any kind.
- Contact Information
- C. P. Barry
- Media Contact
- Contact via E-mail
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.