February 2nd, 2009
Oil isn't over
One Texas oil company is finding ever more oil in the deep sea. Andarko announced another successful test well southwest of New Orleans under nearly a mile of water. Here’s Andarko’s press release on the find in the Gulf of Mexico. The oil, itself is another four miles further down in the sea floor. Getting that oil to the surface is not a cheap process.
Once in production, according to one analyst, the Heidelberg field could yield a 100,000,000 barrels per day. Right now the US produces over 5,000,000 barrels per day and imports another 10,000,000. So the 100M from Heidelberg would more than supply the whole country. Altogether Andarko claims over 2.4 billion barrels in discovered oil reserves. Canada claims nearly 180 billion barrels in reserve.
If Andarko’s Gulf oil field comes true, it means higher fuel prices but a much steeper climb for any alternative auto fuel. Could it be the speculation bubble created a false dawn for alternative car fuel? Can even carbon taxes force a change in the cars we drive? Andarko’s announcement is certainly bad news for those pushing Canada’s tar sands production. Canada is currently the #1 importer of oil to the U.S.
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A newsman since 1969, Harry Fuller has worked for CBS, ABC, CNBC Europe, CNET and was founding news director at TechTV. See his full profile and disclosure of his industry affiliations.
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