Devon Energy Finds 260MB Field In Beaufort Sea - National Post Touts It As "Giant"

[hatrack]

:eyes:

CALGARY - Devon Energy Corp. revealed yesterday it found a giant pool of oil in the Beaufort Sea two years ago when it was actually searching for natural gas. But even with oil prices pushing US$90 a barrel, the U.S. company says it has no immediate plans for the huge discovery.

The Oklahoma City-based company said its US$60-million Paktoa C-60 well, initially portrayed as a disappointment because it didn't find the trillions of cubic feet of gas it was aiming for, struck an estimated 240 million barrels of recoverable oil. Michel Scott, spokesman for the company, said the discovery confirms there are big resources in the Canadian Arctic, but commercialization is many years away because there is no infrastructure. "We have confirmed the presence of both oil and gas," he said. "Most significantly, based on initial results, it appears there is a recoverable resource there of 240 million barrels of oil."

Devon would not disclose the quality of oil found, nor the size of natural-gas reserves. At 240 million barrels, the pool would be on the same scale as the initial White Rose oil discovery in Newfoundland's offshore. The company has no plans for further drilling to better size up what it has.

EDIT

The National Energy Board has estimated that between 585 million barrels and 1.44 billion barrels of recoverable oil has been discovered in the Mackenzie Delta/Beaufort Sea region, not including Paktoa.

EDIT/END

http://www.canada.com/nationalpost/financialpost/story.html?id=41770598-7f6f-452d-b59c-cb23902ab491&k=92523

Ooh! Take that, al-Naimi!

[kestrel91316]

1. 240 million barrels. Isn't that, like, a TWO DAY SUPPLY for the US?

[hatrack]

2. It's not even enough to qualify as an official giant field

It's just over half the required size, in fact.

Pathetically bad reporting - but then, it's the National Post - did you expect anything else?

[phantom power]

3. 12 days! We're saved!