Gulf discovery could lift US oil reserves by billions
Chevron led test taps a Gulf of Mexico pool that may hold 3 to 15 billion barrels of oil and natural gas liquids, potentially boosting U S reserves by over 50 percent. Analysts say it won’t greatly cut imports or pump prices soon due to the scale and timing of development.
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Deep Gulf well Jack 2 tops Gulf depth records
Chevron led partners Statoil and Devon in testing the Jack 2 well in Walker Ridge Gulf of Mexico. The test reached 28,175 feet total depth beneath 7,000 feet of water, marking the deepest Gulf well tested and potentially boosting U.S. oil reserves. Devon shares rose on the news while market implications stressed long path to production.
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