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September 05, 2006

Biggest Oil Field Since Alaska Found In Gulf (Hopefully)

What could be a major discovery of domestic oil in the Gulf of Mexico was announced today by a trio of companies led by Chevron Corporation.
The discovery, in the deepest water yet explored in the Gulf, could be the biggest domestic oil field since the northern Alaska field opened a generation ago.

The news pushed the price of crude oil to a five-month low of $68.38 a barrel in midday trading, although tensions in the Middle East and the threat from hurricanes remained as concerns for traders.

The new fieldâ€™s location near the coast of the United States makes it particularly attractive, said J. Larry Nichols, the chairman of Devon Energy Corporation of Oklahoma City, which holds a 25 percent interest in the find. The discovery â€œcould not have happened in a better place,â€ he said in a news conference.

Sweet, sweet light crude.

posted by Ace at 04:34 PM

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The news pushed the price of crude oil to a five-month low of $68.38 a barrel in midday trading, although tensions in the Middle East and the threat from hurricanes remained as concerns for traders. The new fieldâ€™s location near the coast of the United States makes it particularly attractive, said J. Larry Nichols, the chairman of Devon Energy Corporation of Oklahoma City, which holds a 25 percent interest in the find. The discovery â€œcould not have happened in a better place,â€ he said in a news conference. 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