Yup, ladies, peak oil is in full swing. Chevron recently announced another offshore discovery -Buckskin, which may rival the Jack Oil field (500 mb) discovered in 2006 - in the same lower tertiary formation its older sibling was discovered.
The Buckskin find is 190 miles (306 kilometers) southeast of Houston in waters 6,920 feet deep, the San Ramon, California- based company said today in a
statement. Chevron and its partners discovered a 300-foot column of oil-soaked
rocks in a 24 million- to 65 million-year-old formation known as the lower
The find appears to be similar to the Jack discovery, which is 44 miles to the east and part of the same geological trend, Chevron said. Jack,which Chevron expects to cost at least $3 billion to develop, was the first indication that engineers and geologists had figured out how to tap a previously unreachable formation that may hold as much as 15 billion barrels of crude.
So far this year, Petrobras struck another field (possi. 10bb), Anadarko hit a gulf discovery, Israel hit a whopper gas find, Buckskin popped up; and on top of this, the world has an oil glut, and a possible tsunami gas glut heading for the U.S. Run for the hills.