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Exxon's big plans for offshore drilling

WLWT -- Oil company spending billions to drill in Canada

NEW YORK (CNNMoney) —Two hundred miles southeast of Newfoundland, not far from where the Titanic sank, ExxonMobil is spending $14 billion to drill one of the biggest oil fields in the North Atlantic.

Seeing Exxon develop oil fields for Canada is reviving calls for the United States to do the same off its Atlantic Coast -- which has been closed for oil and gas exploration for decades.

But as Shell's drill ships continue to run aground in the Arctic, critics say letting Exxon drill off the coast of Newfoundland or the heavily populated U.S. Eastern Seaboard is a mistake.

The risks: In 1982, the Ocean Ranger -- then the largest drill rig of its type in the world -- capsized and sank in nearby waters during a winter storm, killing


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Submitted Jan 18, 2013 By: aservant
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Exxon's big plans for offshore drilling Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Jan 23, 2013 5:50:34 AM

Kulluk: $270 million dollar equipment + 100s of experts (and their salaries) + $7 million dollars in AK taxes avoided = priceless for making a fool out of themselves.
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honda0105
Champion Author Tallahassee

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Message Posted: Jan 22, 2013 5:59:23 AM

the Kulluk at least is floatable again, but regular drill rigs are no match for those conditions.
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lesndave
Champion Author Texas

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Message Posted: Jan 18, 2013 10:33:10 PM

Go get 'em
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my2002m
Champion Author Tulsa

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Message Posted: Jan 18, 2013 9:12:43 PM

Hope things go well for them.
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Joeski1
Champion Author New Jersey

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Message Posted: Jan 18, 2013 11:27:33 AM

A billion plus huh?

Wow, by the time it hits market it'll cost $6 a gallon
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FuelBarge
Champion Author Long Island

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Message Posted: Jan 18, 2013 10:42:41 AM

The oil will probably be refined in New Brunswick and sent to New England.
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diesel8888
Champion Author Salt Lake City

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Message Posted: Jan 18, 2013 9:13:16 AM

Drill away!
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txequitygas
Champion Author Houston

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Message Posted: Jan 18, 2013 9:09:18 AM

If they know a billion bls is there, why dont we ever see a map of the world with major oil locations? Only a few years ago, they were always saying there is no more oil left?
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OldMan322
Champion Author Illinois

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Message Posted: Jan 18, 2013 9:03:31 AM

"Rancher23" Most likly
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BigRedVTX
Champion Author Georgia

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Message Posted: Jan 18, 2013 8:59:48 AM

As noted in the article, the technology for this type of operation has improved tremendously. And it continues to improve out of necessity for govenmental and environmental reasons.
While profit is the basis for the operation, this can do nothing but increase the independence (of at least Canada) from import strangulation. A good thing if it is passed on to the consumer.
Will it?
Tune in later for further details :)
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PTBpricer
Champion Author Virginia

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Message Posted: Jan 18, 2013 8:58:11 AM

daquanabe, good answer.
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daquanabe
Champion Author Houston

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Message Posted: Jan 18, 2013 8:56:59 AM

Chadgas, if you're in the oil industry about 15 minutes.
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Chadgas
Champion Author Missouri

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Message Posted: Jan 18, 2013 8:56:04 AM

How long does it take to re-coop $14 billion?
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hvyd1
Champion Author Chicago

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Message Posted: Jan 18, 2013 8:55:51 AM

good luck with that.
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SmokeFan14
Champion Author St. Louis

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Message Posted: Jan 18, 2013 8:52:33 AM

Anyone have a crystal ball. Only way to knwo for sure if it the right decision.
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taxiken
Champion Author Twin Cities

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Message Posted: Jan 18, 2013 8:52:26 AM

We need MORE.
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Sam195
Champion Author San Bernardino

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Message Posted: Jan 18, 2013 8:51:25 AM

I hope the oil production is massive.
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mfgendron
Champion Author New York

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Message Posted: Jan 18, 2013 8:51:23 AM

Exxon is loaded, just liike all the rest with record profits? how about lowering the price of gas 2 days a week?
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niceguytx
Champion Author Houston

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Message Posted: Jan 18, 2013 8:51:13 AM

They need to do it safely.
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tml721
Champion Author Columbus

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Message Posted: Jan 18, 2013 8:50:49 AM

Here's hoping the GOV doesn't medal, which they will, of course!
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geezrtek
Champion Author Michigan

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Message Posted: Jan 18, 2013 8:44:50 AM

Hope they do it safely.
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GingoutMD
Champion Author Maryland

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Message Posted: Jan 18, 2013 8:34:11 AM

That will increase the need for "Iceberg Wranglers" who relocate icebergs floating near the oil rigs. Not many of these folks out there, but may increase if more oil rigs are built in the North Atlantic.
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w4kh
Champion Author Tennessee

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Message Posted: Jan 18, 2013 8:31:48 AM

Seeing Exxon and Shell spending the BILLIONS of dollars they have so far invested in trying to gain access to oil fields in such dangerous and difficult areas feels like a desperate attempt to remain relevant in the energy world, now that the "low hanging fruit" of conventional oil drilling has been picked over.
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hvn4me
Champion Author Virginia Beach

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Message Posted: Jan 18, 2013 8:30:23 AM

Right on Beardog1FL.
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garjul
Champion Author Flint

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Message Posted: Jan 18, 2013 8:14:05 AM

Really wonder if its worth it, 14 billion?

[Edited by: garjul at 1/18/2013 8:15:27 AM EST]
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METEOR49
Champion Author Ontario

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Message Posted: Jan 18, 2013 8:13:35 AM

remove the rigs in winter, seems simple .
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BartBuzz
Champion Author Atlanta

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Message Posted: Jan 18, 2013 8:12:48 AM

And the beat goes on. Let's move along.
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EMoe57
Champion Author Jacksonville

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Message Posted: Jan 18, 2013 8:11:26 AM

Good on all them
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Stevedog
Champion Author Michigan

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Message Posted: Jan 18, 2013 8:06:44 AM

more dead zones on the way
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Goat2008
Champion Author Ontario

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Message Posted: Jan 18, 2013 8:05:32 AM

ok
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Beardog1FL
Champion Author Florida

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Message Posted: Jan 18, 2013 8:05:12 AM

More oil more greed.
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Mikeyl
Champion Author Cleveland

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Message Posted: Jan 18, 2013 8:01:55 AM

Here's the rub:

We need more energy sources. Until there is an affordable, viable alternative, we'll need more oil. If this is where the oil is and this is the best way to get to it, then that's what we have to do.

Accidents happen. Oil rigs sink in storms. So, it doesn't need to be working there in the winter. Run it March to October then pull it up and move it.
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miser73
Champion Author Gary

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Message Posted: Jan 18, 2013 8:01:38 AM

Wherever it is, go for it! There are risks in all human endeavors. They just need to take reasonable precautions and observe lessons learned from past incidents.
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armstrmb
Champion Author Houston

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Message Posted: Jan 18, 2013 8:01:04 AM

Good for Exxon. At least this has something to do with gas prices.
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the1roadhog
Champion Author Atlanta

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Message Posted: Jan 18, 2013 8:00:16 AM

Getting back on the horse...again and again.
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joel27nc
Champion Author Raleigh

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Message Posted: Jan 18, 2013 7:58:24 AM

Looking for BIG profits!
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TheSicilian
Champion Author Jacksonville

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Message Posted: Jan 18, 2013 7:58:24 AM

make us independent
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SavALot
Champion Author Virginia Beach

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Message Posted: Jan 18, 2013 7:54:21 AM

Exxon is really prepping here
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SqrKpf
Champion Author Toronto

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Message Posted: Jan 18, 2013 7:50:12 AM

ok
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CSharpGuy
Champion Author Colorado Springs

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Message Posted: Jan 18, 2013 7:50:00 AM

Drill, baby, drill!
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tbgasmizer
Champion Author Ontario

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Message Posted: Jan 18, 2013 7:47:05 AM

Watever it takes to bring gas prices down.
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BazooQC
Champion Author Montreal

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Message Posted: Jan 18, 2013 7:46:56 AM

Uh oh ...
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Gville
Champion Author Ohio

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Message Posted: Jan 18, 2013 7:46:42 AM

Let's hope they've learned from others' mistakes.
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BearGolfn
Champion Author Twin Cities

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Message Posted: Jan 18, 2013 7:45:59 AM

Lets hope they can do this safely, with no accidents
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TC5504
Champion Author West Virginia

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Message Posted: Jan 18, 2013 7:45:50 AM

Good luck.
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gs7101
Champion Author San Antonio

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Message Posted: Jan 18, 2013 7:45:18 AM

Let's wait and see if these big plans become a reality!
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Pointtx
Champion Author Austin

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Message Posted: Jan 18, 2013 7:44:58 AM

Ok.
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VB_Richard
Champion Author Virginia Beach

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Message Posted: Jan 18, 2013 7:44:33 AM

Hopefully, we are learning from our past.
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tdc007
Champion Author Lexington

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Message Posted: Jan 18, 2013 7:44:14 AM

OK
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WeasleyOC
Champion Author Orange County

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Message Posted: Jan 18, 2013 7:43:47 AM

Similar to the North Sea? Why not?
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