Here is a good article on the latest from the oil patch: ExxonMobil Announces Three Discoveries in Deepwater Gulf of Mexico
I’m not going to name any names, but there has been some stupid reporting on this in the last couple of days. Note to self: Write a primer on how not to report an oil discovery. For now, my request to people doing so is to make it somewhere between “Look at me in my domestic-drilling cheerleading outfit and oil-soaked pompoms” and “The eeeevil ooze comes from a giant container in the ground which we suck out through a straw.”
Prospects are named way before they are drilled. This one was already named years ago – Hadrian. It sits 250 miles southwest of New Orleans, at 7000 feet water depth and the prospect itself is of Lower Pliocene age, which I approximate as 15,000-20,000 feet subsea. I gather Hadrian was slated to drill this time last year but was put on hold by the moratorium. A huge find by Gulf of Mexico standards, but don’t believe the rest of the hype about billions and billions of barrels behind it.
Update: The “possible tens of billions of barrels” confusion arises from the fact that Reuters is reporting the Hadrian sands as Lower Tertiary in age, when in fact they are Lower Pliocene. How to report an oil discovery Tip #1: Get yourself a geologic time scale and look it over.