A $1.5 trillion oil find is a resounding discovery for the oil industry, as a massive crude oil well recently found through drilling pipes near the Gulf of Mexico means big things for big business. Although the exact wealth amount of the oil hasn’t been confirmed yet, it could top off at nearly $1.5 trillion, experts estimate at this time, WebProNews reports this Saturday, Sept. 14
The $1.5 trillion oil unearthing was discovered earlier this month, and the massive crude oil breakthrough is indeed a world record in terms of deep-water drilling. According to a geologist working closely with Texaco Inc., Robert Ryan, there was no possible way to predict this tremendous oil find so close to the U.S. when he first helped build the well, and he firmly believes that it will be a huge role player in the future world of energy for the Gulf of Mexico during the years to come.
With crude oil being such an in-demand product for countries all over the world, this $1.5 trillion worth of crude oil will mean very big things for the U.S. in its national (and international) market. In terms of the oil business as a whole, the report continues, opinions on U.S. geology offshore have had heavily changing opinions in recent months. This 2013 alone, the Gulf of Mexico quickly became one of the biggest frontier oil boomers across the globe, and while the latest find is good news for oil businesses workers, it does pose the question how this will affect the U.S. to continually find (and fund) more deep-water drilling wells.
Under the project known as BAHA, more oil rigs have been funded (and oil finds have been made, like the recent $1.5 trillion oil discovery) in waters like the Gulf of Mexico through deep drilling pipes.
“The project BAHA, started in 1996 by Texaco and its partners, Royal Dutch Shell Plc (RDSA), Amoco Corp. and Mobil Corp., was a dry hole. Normally, this would have been the end of that, but instead BAHA’s discovery of oil-rich sands was the first step toward unleashing the shocking amount of oil underneath the earth and water. Investment is pouring in, with 42 drilling rigs operating in 1,000 or more feet of water as of Sept. 9. That is 35 percent more than what we had just four years ago. Chevron remains to be the powerhouse in the area, with five rigs currently drilling there.”