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Nexen's Gulf find boosts shares

http://www.cbc.ca/news/ -- Calgary-based oil and gas producer Nexen Inc. said Friday it has made a "significant" oil discovery in the eastern Gulf of Mexico

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Submitted Mar 19, 2010 By: Mooseman1

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AtascaderoHound All-Star Author California Posts:557 Points:588,690 Joined:Oct 2006	Message Posted: Mar 19, 2010 5:04:55 PM Ignore AtascaderoHound Report Abuse The question to ask is why are we obsessed with looking for oil instead of moving beyond a limited diminishing product to alternatives?
VetteFan Champion Author Indiana Posts:4,866 Points:1,065,470 Joined:Aug 2005	Message Posted: Mar 19, 2010 5:04:25 PM Ignore VetteFan Report Abuse Just how big a find will it actually be? It will take years to begin pumping and the price will have to be at least what it is now per barrel to make the effort worth while. Bring on a GOOD alternative to fossil fuels.
Rednix Champion Author Miami Posts:1,643 Points:341,590 Joined:Jul 2009	Message Posted: Mar 19, 2010 5:02:14 PM Ignore Rednix Report Abuse I'm surprised their not making significant finds in Canada. Last time i checked Canada isn't very close to the Gulf.
swlincdrv Veteran Author Lincoln Posts:375 Points:219,115 Joined:Oct 2008	Message Posted: Mar 19, 2010 4:56:09 PM Ignore swlincdrv Report Abuse you said it snewwee.
Ken2OD Champion Author Grand Rapids Posts:4,098 Points:999,510 Joined:Dec 2005	Message Posted: Mar 19, 2010 4:54:50 PM Ignore Ken2OD Report Abuse It appears that everybody is looking for oil in somebody else's back yard. China and Russia are looking for oil in Canada's and USA's Arctic Ocean area while Canada is looking for oil in the Southern U.S. shores. What happened to the Canadian oil sands project?
Art48 Champion Author Sacramento Posts:2,451 Points:81,290 Joined:Feb 2009	Message Posted: Mar 19, 2010 4:53:11 PM Ignore Art48 Report Abuse For one thing, this oil costs a lot more to produce...
snewwee Champion Author Detroit Posts:4,989 Points:1,014,105 Joined:Sep 2007	Message Posted: Mar 19, 2010 4:50:15 PM Ignore snewwee Report Abuse And the price at the pump just keeps going up and up.
sivart Champion Author Arkansas Posts:11,922 Points:2,104,055 Joined:May 2004	Message Posted: Mar 19, 2010 4:48:55 PM Ignore sivart Report Abuse If bad news drives the price at the pump up then why doesn't good news drive the price down??????
Art48 Champion Author Sacramento Posts:2,451 Points:81,290 Joined:Feb 2009	Message Posted: Mar 19, 2010 4:48:54 PM Ignore Art48 Report Abuse ACTown - Why is Chevron in Nigeria or Australia?
PDQBlues Champion Author San Diego Posts:2,284 Points:503,300 Joined:Jan 2009	Message Posted: Mar 19, 2010 4:47:49 PM Ignore PDQBlues Report Abuse The real question to ask is why China is getting oil in the Gulf of Mexico.
ACTown All-Star Author Oregon Posts:887 Points:712,145 Joined:Jun 2007	Message Posted: Mar 19, 2010 4:43:49 PM Ignore ACTown Report Abuse Why and how is a Canada based firm even in the gulf?
MedicKirk1 All-Star Author New Hampshire Posts:854 Points:440,130 Joined:May 2008	Message Posted: Mar 19, 2010 4:40:18 PM Ignore MedicKirk1 Report Abuse That shoud be interesting.
mark1962 Champion Author Albany Posts:1,521 Points:330,695 Joined:Sep 2009	Message Posted: Mar 19, 2010 4:39:34 PM Ignore mark1962 Report Abuse Lucky smart business people!
nightworker998 All-Star Author Maryland Posts:724 Points:302,860 Joined:Mar 2009	Message Posted: Mar 19, 2010 4:32:17 PM Ignore nightworker998 Report Abuse Good.
Art48 Champion Author Sacramento Posts:2,451 Points:81,290 Joined:Feb 2009	Message Posted: Mar 19, 2010 4:30:24 PM Ignore Art48 Report Abuse aarrrt - You forget, these are global companies. The oil companies in the US aren't nationalized.
Art48 Champion Author Sacramento Posts:2,451 Points:81,290 Joined:Feb 2009	Message Posted: Mar 19, 2010 4:27:34 PM Ignore Art48 Report Abuse Just two of Chevron's projects. Other companies are out there, too: Tahiti Deepwater Project, United States – The Tahiti Field is believed to be one of the Gulf of Mexico's largest deepwater discoveries, with potentially recoverable volumes of 400 million to 500 million oil-equivalent barrels. In 2008, the spar and topsides modules were installed. First oil was achieved in May 2009. Daily production is expected to ramp up to125,000 barrels of oil and 70 million cubic feet of natural gas before the end of the year. Chevron holds a 58 percent operated interest. Blind Faith Project, United States – Blind Faith is estimated to contain more than 100 million potentially recoverable oil-equivalent barrels. It is Chevron's deepest offshore production facility, located in 6,500 feet (1,981 m) of water, with subsea wells located in 7,000 feet (2,134 m) of water. Chevron holds a 75 percent interest in and is the operator of the project. Production began in the fourth quarter of 2008. At the end of the year, the facility's total production capacity was 62,000 barrels of liquids per day and 50 million cubic feet of natural gas.
aarrrt Champion Author San Diego Posts:3,000 Points:716,275 Joined:May 2008	Message Posted: Mar 19, 2010 4:24:49 PM Ignore aarrrt Report Abuse It really is a shame the US stands by while other countries take advantage of these new oil fields. Something is wrong in DC.
Italianman All-Star Author Twin Cities Posts:956 Points:321,175 Joined:Feb 2008	Message Posted: Mar 19, 2010 4:23:31 PM Ignore Italianman Report Abuse Great!
CatMan623 Champion Author Houston Posts:8,597 Points:1,382,800 Joined:Aug 2006	Message Posted: Mar 19, 2010 4:17:51 PM Ignore CatMan623 Report Abuse Keep drilling.
Rick52 Champion Author Milwaukee Posts:6,260 Points:280,105 Joined:Mar 2005	Message Posted: Mar 19, 2010 4:17:41 PM Ignore Rick52 Report Abuse All this Oil finding and not a drop to use !!!!! (refine)..
lembs All-Star Author San Francisco Posts:781 Points:652,045 Joined:May 2005	Message Posted: Mar 19, 2010 4:17:32 PM Ignore lembs Report Abuse so, will this benefit us? crude prices continue to got up and those futures traders keep rejoicing now that it's over $80 per barrel.
I10Express Champion Author San Antonio Posts:3,710 Points:663,320 Joined:Nov 2008	Message Posted: Mar 19, 2010 4:17:31 PM Ignore I10Express Report Abuse You need to worry about an article that can't spell percent.
Art48 Champion Author Sacramento Posts:2,451 Points:81,290 Joined:Feb 2009	Message Posted: Mar 19, 2010 4:09:11 PM Ignore Art48 Report Abuse I guess Chevron is a Russian or Chinese company because they have a big platform out there already.
amearly Champion Author Michigan Posts:7,201 Points:1,496,570 Joined:Jan 2006	Message Posted: Mar 19, 2010 4:08:30 PM Ignore amearly Report Abuse More yet we are not allow to drill for it.
LilRedWagonIN Champion Author Indiana Posts:2,829 Points:606,080 Joined:Oct 2008	Message Posted: Mar 19, 2010 4:03:05 PM Ignore LilRedWagonIN Report Abuse Every one is finding "significant" deposits everywhere. Just that all this in the Gulf of Mexico will be pumped by the Russian, Chinese, Cuban and every other group that knows how to tow a rig to take it out from under US territory, since this administration blocks any American company from getting our own oil.
Rick01 Champion Author Utah Posts:4,031 Points:1,412,890 Joined:Sep 2005	Message Posted: Mar 19, 2010 3:59:24 PM Ignore Rick01 Report Abuse Lets see the prices fall now!
paulydel Champion Author Delaware Posts:4,223 Points:466,730 Joined:Jan 2008	Message Posted: Mar 19, 2010 3:56:00 PM Ignore paulydel Report Abuse With the current oil finds we should see price drops. Ya right.
OnEmptyMO Champion Author St. Louis Posts:1,957 Points:629,065 Joined:Mar 2008	Message Posted: Mar 19, 2010 3:55:37 PM Ignore OnEmptyMO Report Abuse Only time will tell how much oil is really there to be used.
emptytank08 All-Star Author Pennsylvania Posts:566 Points:609,785 Joined:Aug 2008	Message Posted: Mar 19, 2010 3:53:38 PM Ignore emptytank08 Report Abuse Just Drill
sjl08203 Champion Author New Jersey Posts:4,079 Points:973,340 Joined:Aug 2005	Message Posted: Mar 19, 2010 3:49:07 PM Ignore sjl08203 Report Abuse I believe that Shell Oil has a piece of the action
jwduke1 Champion Author Iowa Posts:11,320 Points:2,220,410 Joined:Apr 2004	Message Posted: Mar 19, 2010 3:49:01 PM Ignore jwduke1 Report Abuse So what, we will not drill it, or we will drill it and give the oil to China.
Art48 Champion Author Sacramento Posts:2,451 Points:81,290 Joined:Feb 2009	Message Posted: Mar 19, 2010 3:46:07 PM Ignore Art48 Report Abuse pnd1 - American companies are, and they're getting incentives from the Obama administration to do it, if you had read a news story posted here a couple of days ago. Several companies are drilling in deep water in American Waters in the Gulf.
Bud122CA Champion Author California Posts:2,975 Points:679,480 Joined:Jul 2008	Message Posted: Mar 19, 2010 3:45:19 PM Ignore Bud122CA Report Abuse Is this the discovery that Russia is going to start pumping? Why aren't we drilling??? Oh yea, our "green people"
MidNJ Champion Author New Jersey Posts:1,642 Points:250,720 Joined:Sep 2009	Message Posted: Mar 19, 2010 3:43:53 PM Ignore MidNJ Report Abuse So much for the Beverly Hillbillies story where Grandpa shot a bullet into the ground and oil bubbled up. 5 kilometers is a long way to drill.
ModelWarships Champion Author Missouri Posts:1,896 Points:457,040 Joined:Jul 2008	Message Posted: Mar 19, 2010 3:32:11 PM Ignore ModelWarships Report Abuse drill baby drill.
pnd1 Champion Author Tallahassee Posts:1,875 Points:373,780 Joined:Jul 2009	Message Posted: Mar 19, 2010 3:29:10 PM Ignore pnd1 Report Abuse Calgary-based? Why are U.S. companies not allowed to drill in the Gulf? Russia and China are already in Cuba preparing to drill off our coasts. Why can't we do it first?
Zakmeister All-Star Author Cleveland Posts:633 Points:209,145 Joined:Jul 2007	Message Posted: Mar 19, 2010 3:26:54 PM Ignore Zakmeister Report Abuse Drill here! Drill now!
vandamme All-Star Author New York Posts:787 Points:97,590 Joined:Nov 2008	Message Posted: Mar 19, 2010 3:23:59 PM Ignore vandamme Report Abuse "Hard to argue that the world's supply of oil is running out. " Do you figure "they" are making more? It's getting harder and harder to find & extract.
humblepie Champion Author Toledo Posts:7,989 Points:1,396,240 Joined:Mar 2006	Message Posted: Mar 19, 2010 3:12:14 PM Ignore humblepie Report Abuse russia or china will get to it first, and washington will sell ring side seats for americans to watch
cj003 Champion Author Michigan Posts:1,390 Points:979,725 Joined:Mar 2006	Message Posted: Mar 19, 2010 3:11:03 PM Ignore cj003 Report Abuse will this find lower the cost of oil?NO, greed will prevail
Mr.Dirt Champion Author Albany Posts:4,988 Points:1,785,165 Joined:Mar 2004	Message Posted: Mar 19, 2010 3:05:52 PM Ignore Mr.Dirt Report Abuse we need all the oil we can get
zimowski Champion Author San Jose Posts:1,800 Points:623,880 Joined:Nov 2007	Message Posted: Mar 19, 2010 3:02:46 PM Ignore zimowski Report Abuse Hard to argue that the world's supply of oil is running out.
srchr Champion Author San Jose Posts:2,493 Points:693,595 Joined:Apr 2008	Message Posted: Mar 19, 2010 3:02:05 PM Ignore srchr Report Abuse tough to beat the price of oil with "green" stuff
WIPACKERFAN Champion Author Chicago Posts:3,942 Points:878,815 Joined:Aug 2005	Message Posted: Mar 19, 2010 3:01:57 PM Ignore WIPACKERFAN Report Abuse Yes, rfe330, we are getting hosed.
garman87 Champion Author Austin Posts:1,285 Points:1,511,825 Joined:Aug 2005	Message Posted: Mar 19, 2010 3:01:04 PM Ignore garman87 Report Abuse It doesn't matter how much oil is available.
garman87 Champion Author Austin Posts:1,285 Points:1,511,825 Joined:Aug 2005	Message Posted: Mar 19, 2010 3:00:17 PM Ignore garman87 Report Abuse I agree with your post, rfe330.
Romey08 Champion Author Virginia Posts:1,939 Points:570,350 Joined:Apr 2008	Message Posted: Mar 19, 2010 2:59:34 PM Ignore Romey08 Report Abuse the problem is collusion among the energy companies and a product we desperate must have to live our lives.
swrestler Champion Author Grand Rapids Posts:1,200 Points:595,035 Joined:Oct 2008	Message Posted: Mar 19, 2010 2:58:08 PM Ignore swrestler Report Abuse The US should be finding the oil....
rfe330 All-Star Author Winston-Salem Posts:700 Points:229,275 Joined:Nov 2008	Message Posted: Mar 19, 2010 2:51:09 PM Ignore rfe330 Report Abuse It's no longer supply and demand. It doesn't matter how much oil is available. We are getting hosed at the pump.
doncNJ Champion Author New Jersey Posts:2,775 Points:564,945 Joined:Oct 2008	Message Posted: Mar 19, 2010 2:48:56 PM Ignore doncNJ Report Abuse Why is canada finding this oil we should be.
mickealo Champion Author Spokane Posts:1,471 Points:1,213,370 Joined:Oct 2006	Message Posted: Mar 19, 2010 2:46:10 PM Ignore mickealo Report Abuse drill baby drill
1Casey Champion Author Albany Posts:2,142 Points:997,800 Joined:Jun 2004	Message Posted: Mar 19, 2010 2:43:07 PM Ignore 1Casey Report Abuse New oil find. Another reason for prices to fly up ? All this surplus and high pump prices ? greed.