Exxon: New Discovery in U.S. Gulf

Recent news following some post-moratorium drilling south of LA.

 

http://www.upi.com/Business_News/Energy-Resources/2011/06/08/Exxon-...

 

from the article...

 

Exxon Mobil announced two major oil discoveries and one natural gas discovery while drilling in 7,000 feet of water south of Louisiana.

Steve Greenlee, president of Exxon Mobil Exploration Company, said the recoverable resource potential in the area is more than 700 million barrels of oil equivalent.

"This is one of the largest discoveries in the Gulf of Mexico in the last decade," he said in a statement.



Read more: http://www.upi.com/Business_News/Energy-Resources/2011/06/08/Exxon-...

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landownerPermalink Reply by P.G. on June 9, 2011 at 4:15
What do they mean by "Oil equivalent"?

landownerPermalink Reply by P.G. on June 9, 2011 at 11:48
So when they say 700 million barrels of oil equivalent, they aren't necessarily saying they found that much oil...

Oil & Gas ProPermalink Reply by The_Baron on June 10, 2011 at 5:00
it makes it easier for the finace guys to understand P.G.

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