First flow test buttresses estimates of gulf’s Lower Tertiary potential

09/25/2006
Rising confidence in discovering and producing oil and gas from deep Lower Tertiary formations in the deepwater Gulf of Mexico could make a large but costly impact on US reserves, Devon Energy Corp. said in early September.Even with the play still in its infancy, industry is estimating that it might ultimately recover 9-15 billion bbl of oil equivalent. US proved crude oil reserves are 21.4 billion bbl. The play area covers more than 10 million acres, much of it near Mexican waters.Devon, which entered a joint venture to explore the play with Chevron Corp. in September 2002, expects four discoveries in which it has participated to add 300-900 million bbl of oil equivalent to the company&r...
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