New Deepest Oil Well

[MudHog]

BP has finished punching a new hole in the ground and it's the deepest oil well in the world.

4,000 feet of water, then 35,055 feet below ground level.

4 billion to 6 billion bbls of crude.

http://www.katc.com/Global/story.asp?S=11041494

[4dawgma]

when we gonna build another refinery?

[cwink]

After the deal with Scotland and Libia and the Locerby bomber I am boycotting BP..

[stang67]

The fact that the oil is getting deeper isn't very comforting.

[deltadukman]

After the deal with Scotland and Libia and the Locerby bomber I am boycotting BP..

I have been wondering if anybody else had heard about this. That was sickening.

[duckbuster330]

Drilled by our sister rig too, the Deepwater Horizon.

[ducman77]

Do the guys on that rig get a bonus? 4 billion barrels is A LOT!!!

[JaMak84]

The fact that the oil is getting deeper isn't very comforting.

Well technically.......The oil isn't getting any deeper, it's always been there. We're just now developing the technology to reach it. But I get what you're steppin in.

[farmerc83]

As more stuff comes out it looks like BP may have been more involved in the terrorist being released than first thought. Just another case of putting the almighty dollar before doing the right thing.

[kc86]

My father has been a petroleum engineer for over 25 years. He is also one of the lead engineers for El Paso energy and under several reports of his I hae read and seminars that he has given. Oil will not run out in our lifetime or our childrens lifetime. Many of his associates also agree. Just a note to this oil post oil is here to stay.

[Skip OK]

KC,

I have been a Petroleum Engineer for more than 30 years, and let me tell you, your father's estimate is actually quite conservative. Fact is, on a purely technical, front we will NEVER run out of oil.

What WILL happen is that the oil that is left will cost so much to extract that no one will want to use it.

This find is a good case in point. This field is going to be so expensive to develop (heck it ALREADY is that way) that it can only be done when oil is above a certain price point. THAT measns that the old $0.89 per gallon days many of us fondly remember are pretty much history. Back then, even, we were stealing from Peter to pay Paul, by not spending enogh capital in finding and developing fields and figuring out how to get the most out of the field we were already using.

[stang67]

What WILL happen is that the oil that is left will cost so much to extract that no one will want to use it.

This find is a good case in point. This field is going to be so expensive to develop (heck it ALREADY is that way) that it can only be done when oil is above a certain price point.

This is what I was referring to in my last post.