July had 1.587 million barrels more than the monthly production in June.
US Net oil imports were at the lowest level since 1998.
Weekly U.S. Net Imports of Crude Oil and Petroleum Products for the first week of September was 7,988,000 barrels per day.
Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day) 5,642,000 barrels per day (returning to levels of 2004.)
Chevron Corp. has announced an oil discovery in the deepwater regions of the Gulf of Mexico. Chevron said Tuesday that an exploratory well at Keathley Canyon found more than 380 feet of oil reserves. Chevron is investing $7.5 billion to develop its Jack/St. Malo field, and another $4.1 billion on Big Foot.
BP today announced a “significant resource extention” at its deepwater Mad Dog field. P says that the entirety of the Mad Dog complex has some 4 billion barrels of oil and gas in place (out of which maybe 2 billion will be ultimately recoverable).
Discoveries like these show that there remains massive opportunities for oil and gas discoveries in the Gulf of Mexico, especially in the so-called Lower Tertiary Wilcox trend, which Chevron says could contain 12 billion barrels. In June, ExxonMobil revealed that it had discovered two fields there with 700 million barrels. BP figures its 2009 Tiber discovery has another couple billion. (There’s big opportunities for jobs too. Analysts figure that a return to normal activity in the Gulf of Mexico could add 230,000 jobs.)
If you liked this article, please give it a quick review on ycombinator or StumbleUpon. Thanks