Chevron and two oil exploration companies annnounced the discovery of a giant oil reserve in the Gulf of Mexico that could boost the nation's supplies by as much as 50 percent and provide compelling evidence oil is a plentiful deep-earth product made naturally on a continuous basis.
Known as the Jack Field, the reserve – some 270 miles southwest of New Orleans – is estimated to hold as much as 15 billion barrels of oil. The Wall Street Journal reports today the find could boost the nation's current reserves of 29.3 billion barrels by as much as 50 percent.
Chevron discovered the field by drilling the deepest to date in the Gulf of Mexico, down 28,175 feet in waters nearly 7,000 feet deep, some seven miles below the surface of the Earth.
The second biggest source of oil in the world is Mexico's giant Cantarell field in the Gulf of Mexico near the Yucatan Peninsula. It was discovered in 1976, supposedly after a fisherman named Cantarell reported an oil seep in Campeche Bay.
In March, Mexico
announced the discovery of a field that could be larger than Cantarell, the Noxal field in the Gulf of Mexico off Veracruz.
Instead, the abiotic theory argued "oil should be seen as a primordial material that the earth forms and exudes on a continual basis." In an interview with WND, Smith posed the following question: "If U.S. proven reserves can be increased by 50 percent with one deep-earth oil find in the Gulf of Mexico, who knows how much oil might be found as the technology of deep-water drilling advances and becomes even more economically feasible?"
