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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

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honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Jan 23, 2013 5:50:34 AM Ignore honda0105 Report Abuse 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.
honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Jan 22, 2013 5:59:23 AM Ignore honda0105 Report Abuse the Kulluk at least is floatable again, but regular drill rigs are no match for those conditions.
lesndave Champion Author Texas Posts:3,173 Points:727,880 Joined:May 2011	Message Posted: Jan 18, 2013 10:33:10 PM Ignore lesndave Report Abuse Go get 'em
my2002m Champion Author Tulsa Posts:6,208 Points:1,697,005 Joined:Jul 2008	Message Posted: Jan 18, 2013 9:12:43 PM Ignore my2002m Report Abuse Hope things go well for them.
Joeski1 Champion Author New Jersey Posts:10,202 Points:1,768,560 Joined:Dec 2004	Message Posted: Jan 18, 2013 11:27:33 AM Ignore Joeski1 Report Abuse A billion plus huh? Wow, by the time it hits market it'll cost $6 a gallon
FuelBarge Champion Author Long Island Posts:9,335 Points:2,103,015 Joined:Aug 2005	Message Posted: Jan 18, 2013 10:42:41 AM Ignore FuelBarge Report Abuse The oil will probably be refined in New Brunswick and sent to New England.
diesel8888 Champion Author Salt Lake City Posts:1,304 Points:386,035 Joined:Nov 2011	Message Posted: Jan 18, 2013 9:13:16 AM Ignore diesel8888 Report Abuse Drill away!
txequitygas All-Star Author Houston Posts:932 Points:183,060 Joined:Dec 2012	Message Posted: Jan 18, 2013 9:09:18 AM Ignore txequitygas Report Abuse 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?
OldMan322 Champion Author Illinois Posts:5,282 Points:1,621,905 Joined:Jul 2008	Message Posted: Jan 18, 2013 9:03:31 AM Ignore OldMan322 Report Abuse "Rancher23" Most likly
BigRedVTX Champion Author Georgia Posts:1,010 Points:529,780 Joined:Jun 2011	Message Posted: Jan 18, 2013 8:59:48 AM Ignore BigRedVTX Report Abuse 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 :)
PTBpricer Champion Author Virginia Posts:1,885 Points:228,170 Joined:Jun 2012	Message Posted: Jan 18, 2013 8:58:11 AM Ignore PTBpricer Report Abuse daquanabe, good answer.
daquanabe Champion Author Houston Posts:1,908 Points:390,650 Joined:Oct 2009	Message Posted: Jan 18, 2013 8:56:59 AM Ignore daquanabe Report Abuse Chadgas, if you're in the oil industry about 15 minutes.
Chadgas Champion Author Missouri Posts:1,113 Points:2,201,425 Joined:Feb 2006	Message Posted: Jan 18, 2013 8:56:04 AM Ignore Chadgas Report Abuse How long does it take to re-coop $14 billion?
hvyd1 All-Star Author Chicago Posts:960 Points:86,350 Joined:Feb 2012	Message Posted: Jan 18, 2013 8:55:51 AM Ignore hvyd1 Report Abuse good luck with that.
SmokeFan14 Champion Author St. Louis Posts:2,135 Points:1,108,905 Joined:Oct 2008	Message Posted: Jan 18, 2013 8:52:33 AM Ignore SmokeFan14 Report Abuse Anyone have a crystal ball. Only way to knwo for sure if it the right decision.
taxiken Champion Author Twin Cities Posts:6,080 Points:1,573,475 Joined:Feb 2003	Message Posted: Jan 18, 2013 8:52:26 AM Ignore taxiken Report Abuse We need MORE.
Sam195 Champion Author San Bernardino Posts:8,225 Points:1,601,800 Joined:Oct 2008	Message Posted: Jan 18, 2013 8:51:25 AM Ignore Sam195 Report Abuse I hope the oil production is massive.
mfgendron All-Star Author New York Posts:745 Points:322,630 Joined:Sep 2008	Message Posted: Jan 18, 2013 8:51:23 AM Ignore mfgendron Report Abuse Exxon is loaded, just liike all the rest with record profits? how about lowering the price of gas 2 days a week?
niceguytx Champion Author Houston Posts:13,830 Points:2,740,215 Joined:Sep 2005	Message Posted: Jan 18, 2013 8:51:13 AM Ignore niceguytx Report Abuse They need to do it safely.
tml721 Champion Author Columbus Posts:12,747 Points:2,416,275 Joined:Jul 2005	Message Posted: Jan 18, 2013 8:50:49 AM Ignore tml721 Report Abuse Here's hoping the GOV doesn't medal, which they will, of course!
geezrtek Champion Author Michigan Posts:2,048 Points:449,760 Joined:Apr 2011	Message Posted: Jan 18, 2013 8:44:50 AM Ignore geezrtek Report Abuse Hope they do it safely.
GingoutMD Champion Author Maryland Posts:3,495 Points:713,305 Joined:Jan 2010	Message Posted: Jan 18, 2013 8:34:11 AM Ignore GingoutMD Report Abuse 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.
w4kh Champion Author Tennessee Posts:11,805 Points:2,255,715 Joined:May 2004	Message Posted: Jan 18, 2013 8:31:48 AM Ignore w4kh Report Abuse 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.
hvn4me Champion Author Virginia Beach Posts:1,080 Points:1,523,845 Joined:Aug 2008	Message Posted: Jan 18, 2013 8:30:23 AM Ignore hvn4me Report Abuse Right on Beardog1FL.
garjul Champion Author Flint Posts:1,716 Points:674,140 Joined:Jul 2009	Message Posted: Jan 18, 2013 8:14:05 AM Ignore garjul Report Abuse Really wonder if its worth it, 14 billion? [Edited by: garjul at 1/18/2013 8:15:27 AM EST]
METEOR49 Champion Author Ontario Posts:2,307 Points:481,950 Joined:Apr 2011	Message Posted: Jan 18, 2013 8:13:35 AM Ignore METEOR49 Report Abuse remove the rigs in winter, seems simple .
BartBuzz Champion Author Atlanta Posts:9,020 Points:1,802,485 Joined:Aug 2006	Message Posted: Jan 18, 2013 8:12:48 AM Ignore BartBuzz Report Abuse And the beat goes on. Let's move along.
EMoe57 Champion Author Jacksonville Posts:4,748 Points:1,042,540 Joined:Apr 2009	Message Posted: Jan 18, 2013 8:11:26 AM Ignore EMoe57 Report Abuse Good on all them
Stevedog Champion Author Michigan Posts:3,988 Points:1,972,700 Joined:Jul 2006	Message Posted: Jan 18, 2013 8:06:44 AM Ignore Stevedog Report Abuse more dead zones on the way
Goat2008 Champion Author Ontario Posts:1,285 Points:846,425 Joined:Aug 2008	Message Posted: Jan 18, 2013 8:05:32 AM Ignore Goat2008 Report Abuse ok
Beardog1FL Champion Author Florida Posts:1,018 Points:692,210 Joined:Feb 2011	Message Posted: Jan 18, 2013 8:05:12 AM Ignore Beardog1FL Report Abuse More oil more greed.
Mikeyl Champion Author Cleveland Posts:5,297 Points:1,210,620 Joined:Aug 2004	Message Posted: Jan 18, 2013 8:01:55 AM Ignore Mikeyl Report Abuse 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.
miser73 Champion Author Gary Posts:1,292 Points:259,235 Joined:Apr 2012	Message Posted: Jan 18, 2013 8:01:38 AM Ignore miser73 Report Abuse 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.
armstrmb Champion Author Houston Posts:10,696 Points:2,116,855 Joined:Jun 2007	Message Posted: Jan 18, 2013 8:01:04 AM Ignore armstrmb Report Abuse Good for Exxon. At least this has something to do with gas prices.
the1roadhog Champion Author Atlanta Posts:9,949 Points:2,080,630 Joined:Jun 2007	Message Posted: Jan 18, 2013 8:00:16 AM Ignore the1roadhog Report Abuse Getting back on the horse...again and again.
joel27nc Champion Author Raleigh Posts:10,672 Points:1,885,095 Joined:Mar 2008	Message Posted: Jan 18, 2013 7:58:24 AM Ignore joel27nc Report Abuse Looking for BIG profits!
TheSicilian Champion Author Jacksonville Posts:5,514 Points:1,496,475 Joined:Feb 2009	Message Posted: Jan 18, 2013 7:58:24 AM Ignore TheSicilian Report Abuse make us independent
SavALot Champion Author Virginia Beach Posts:8,618 Points:1,738,435 Joined:Apr 2005	Message Posted: Jan 18, 2013 7:54:21 AM Ignore SavALot Report Abuse Exxon is really prepping here
SqrKpf Champion Author Toronto Posts:2,030 Points:410,360 Joined:Oct 2010	Message Posted: Jan 18, 2013 7:50:12 AM Ignore SqrKpf Report Abuse ok
CSharpGuy Champion Author Colorado Springs Posts:9,607 Points:1,925,110 Joined:Jan 2008	Message Posted: Jan 18, 2013 7:50:00 AM Ignore CSharpGuy Report Abuse Drill, baby, drill!
tbgasmizer Champion Author Ontario Posts:6,053 Points:1,230,620 Joined:Oct 2009	Message Posted: Jan 18, 2013 7:47:05 AM Ignore tbgasmizer Report Abuse Watever it takes to bring gas prices down.
BazooQC Champion Author Montreal Posts:9,841 Points:1,662,200 Joined:Oct 2008	Message Posted: Jan 18, 2013 7:46:56 AM Ignore BazooQC Report Abuse Uh oh ...
Gville Champion Author Ohio Posts:1,456 Points:1,138,930 Joined:Dec 2006	Message Posted: Jan 18, 2013 7:46:42 AM Ignore Gville Report Abuse Let's hope they've learned from others' mistakes.
BearGolfn Champion Author Twin Cities Posts:2,314 Points:574,795 Joined:May 2011	Message Posted: Jan 18, 2013 7:45:59 AM Ignore BearGolfn Report Abuse Lets hope they can do this safely, with no accidents
TC5504 Champion Author West Virginia Posts:1,075 Points:220,735 Joined:Sep 2012	Message Posted: Jan 18, 2013 7:45:50 AM Ignore TC5504 Report Abuse Good luck.
gs7101 Champion Author San Antonio Posts:5,653 Points:395,795 Joined:Jun 2009	Message Posted: Jan 18, 2013 7:45:18 AM Ignore gs7101 Report Abuse Let's wait and see if these big plans become a reality!
Pointtx Champion Author Austin Posts:3,361 Points:748,355 Joined:Mar 2011	Message Posted: Jan 18, 2013 7:44:58 AM Ignore Pointtx Report Abuse Ok.
VB_Richard Champion Author Virginia Beach Posts:1,793 Points:378,545 Joined:Dec 2011	Message Posted: Jan 18, 2013 7:44:33 AM Ignore VB_Richard Report Abuse Hopefully, we are learning from our past.
tdc007 Champion Author Lexington Posts:1,248 Points:409,580 Joined:Feb 2012	Message Posted: Jan 18, 2013 7:44:14 AM Ignore tdc007 Report Abuse OK
WeasleyOC Champion Author Orange County Posts:3,280 Points:828,825 Joined:Jul 2008	Message Posted: Jan 18, 2013 7:43:47 AM Ignore WeasleyOC Report Abuse Similar to the North Sea? Why not?