Super major ExxonMobil said Wednesday that it made two major oil discoveries and a gas discovery in the deepwater Gulf of Mexico after drilling the company’s first post-moratorium deepwater exploration well. The discovery holds the potential for more than 700 million barrels of recoverable oil equivalent, one of the largest oil discoveries in the Gulf of Mexico in the last decade.
Its exploratory project, located 250 miles southwest of New Orleans, hit oil and gas after drilling a well in 7,000 feet of water. Plans to drill the well last year stalled after the Obama administration issued a six-month ban on deepwater drilling because of Deepwater Horizon disaster in order to devise new safety regulations.
ExxonMobil met new those federal guidelines earlier this year, and regulators approved its permit March 22.
“We estimate a recoverable resource of more than 700 million barrels of oil equivalent combined in our Keathley Canyon blocks,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This is one of the largest discoveries in the Gulf of Mexico in the last decade. More than 85 percent of the resource is oil with additional upside potential.
“We plan to work with our joint venture partners and other lessees in the area to determine the best way to safely develop these resources as rapidly as possible,” Greenlee said.
ExxonMobil is the operator and majority owner in Keathley, working with minority partners Eni Petroleum US LLC and Petrobras America Inc. ExxonMobil used the Maersk Developer semi-submersible drilling rig, at left, to drill the well (photo courtesy Maersk).
Over the past decade, ExxonMobil has drilled 36 deepwater wells in the Gulf of Mexico in water ranging from 4,000 feet to 8,700 feet. It is one of the largest lease holders in the Gulf of Mexico with interests in more than 370 leases.
The board hopes to recover all fees paid, plus one-half, along with what could amount to hundreds of thousands in additional penalties.
Oh, the irony... or something like that.
The Louisiana Workforce Commission said Friday that initial claims rose to 2,125 from the previous week's total of 1,964. There were 2,887 initial claims during the comparable week in 2013.
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Patrick Kane II recalls his mother awakening him 50 years ago to say his dad’s plane was missing.
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A fundraiser co-chaired by former U.S. attorneys from both sides of the political aisle could signal the end of Mike Harson’s long grip on the D.A.’s office.
Former W. Home Furnishings owner Rene Ward faces seven years in prison.
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Sterling Ford-Lincoln of Opelousas ribbon cutting and the State of the Parish address
Increases in higher-end home sales say a lot about the health of the overall market.
Who joined whom or got promoted?
World-class athlete riding high in custom bike biz.
Setting the record straight on that February story in HuffPo
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A one-man operation, Brett Gauthier is bringing the oil and gas industry into the age of digital animation.
Planning a meeting with results
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Forecasts for more frigid weather drive prices to highest level in four years.
CiCi's Pizza on Johnston Street will be torn down to make way for popular bakery-café Panera Bread's first Lafayette store.
A computer services company announced Tuesday that it plans to open a new technology center in Bossier City, creating 800 new jobs and bolstering efforts to position northwest Louisiana as a center for cybersecurity work.