In a development that could double the nation's oil reserves and result in a boon to Louisiana and its offshore industries, Chevron and two partner companies announced Tuesday they have produced oil on the outskirts of U.S. waters in the Gulf of Mexico,How can “3 billion to 15 billion” barrels “double” 30 billion barrels?
The discovery is significant to the nation because it is the first time oil has been produced in a 300-square-mile geological region called the lower tertiary trend that is thought to hold 3 billion to 15 billion barrels of oil. The nation's current reserves are about 30 billion.
I readily admit that I know nothing about Big Erl and how it operates. But am I missing something in the math here?
And, dammit, Louisiana is part of the United States:
J. Larry Nichols, chairman and chief executive officer of Devon Energy, was effusive about the Gulf's prospects in conference call Tuesday morning.It’s good to see that Louisiana (i.e. the United States of America) is considered “politically stable” when being compared to “other regions in the world.”
Compared to other regions in the world, the Gulf of Mexico is politically stable and close to oil and gas markets, he said.
"This," he said, "could not have happened in a better place."