OPEC's failure to increase output has raised speculation as to whether worldwide supply can meet future demand. Many believe OPEC won't increase output because it can't, and if that's true, where will future supply come from?
Black gold rush
ExxonMobil recently reported the largest discovery in the Gulf of Mexico in the last decade. The company estimates the wells hold approximately 700 million barrels of oil. That's a 35-day oil supply based on current U.S. consumption rates.
ExxonMobil recently reported the largest discovery in the Gulf of Mexico in the last decade. The company estimates the wells hold approximately 700 million barrels of oil. That's a 35-day oil supply based on current U.S. consumption rates.
Royal Dutch Shell is launching development on a sizable discovery in the Gulf. Last year, the company discovered an oil field capable of producing approximately 140 million barrels over its lifetime. Based on current consumption of roughly 20 million barrels a day, the Shell discovery is enough oil to meet U.S. demand for approximately seven days.
Surprisingly, ATP Oil & Gas is one of the most active drillers in the Gulf. The company ranks fourth in deepwater Gulf of Mexico wellbores and in total, holds 144 million barrels of oil reserves in the region.
Source: MSNBC
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