[654711]

Read This:

On the rise, shares of Transocean Inc. (RIG:transocean inc new shs
News, chart, profile, more
Last: 145.94+5.34+3.80%

4:00pm 07/08/2008

Transocean
The company said it won a five-year contract for its drillship Deepwater Pathfinder. The deal struck with a subsidiary of Eni SpA is potentially worth up to a maximum of $1.19 billion, a figure that excludes revenue for cost escalations.
Transocean said the contract, which is for drilling operations primarily in U.S. waters of the Gulf of Mexico, is scheduled to start in March 2010. It's the latest in a series of pacts between Transocean and Eni, the Italian oil company.

Why is an Italian Oil company taking our oil?????

 

[shebeen]

bigtimer wrote:
Why is an Italian Oil company taking our oil?????

Calm down, calm down........they're looking for olive oil.

 

[MakoMike]

bigtimer wrote:
Read This:

On the rise, shares of Transocean Inc. (RIG:transocean inc new shs
News, chart, profile, more
Last: 145.94+5.34+3.80%

4:00pm 07/08/2008

Transocean
The company said it won a five-year contract for its drillship Deepwater Pathfinder. The deal struck with a subsidiary of Eni SpA is potentially worth up to a maximum of $1.19 billion, a figure that excludes revenue for cost escalations.
Transocean said the contract, which is for drilling operations primarily in U.S. waters of the Gulf of Mexico, is scheduled to start in March 2010. It's the latest in a series of pacts between Transocean and Eni, the Italian oil company.

Why is an Italian Oil company taking our oil?????



Calm down. Transocean owns the oil they just hired Eni to do the drilling, transocean will own the well.

 

[Grady 180]

Transocean is the drilling contractor and Eni is the client renting the drill ship services under contract. Eni must pay the US government for a lease to drill in the Gulf of Mexico.
see news release: Transocean Inc. has been awarded a five-year contract worth about $1.19 billion by Italian oil company Eni SpA. Under the contract, Transocean's deepwater drillship Deepwater Pathfinder will work for Eni (NYSE: E) primarily in the U.S. Gulf of Mexico region.
The contract is scheduled to begin in March 2010. Houston-based Transocean (NYSE: RIG) is the world's largest offshore drilling contractor.

 

[oldmud]

shebeen wrote:

bigtimer wrote:
Why is an Italian Oil company taking our oil?????

Calm down, calm down........they're looking for olive oil.

EVOO ?????

 

[654711]

Transocean

Mike, not quite.
Grady, Don't you think it is weird that the US would allow another country to drill and take US oil?
I find it suspect that the US oil companies are whining to drill everywhere when the Italians are going to drain US oil right from our Gulf. If there is enough to allow Italy to take it, why can't US oil companies find it? I'm fully convinced that it may be worth while for Italy to hire Transocean to drill,they don't have access to other reserves. US oil wants Alaska and other areas for one and only one reason, easy money. Easy drilling, long returns, and no storms to sink their ocean drilling rigs. Land based drilling is much cheaper.
If anyone thinks that by opening up our national parks to drilling is going to drop the price of oil one penny a barrel, they are surely fools.
Our politician are so owned by big oil it is sad, in addition, what have they done? Nothing.
I don't care how much the US government gets in return, they will waste it on pork barrel spending. We need that oil.
EVOO?? America sure has changed, both the attitudes of the citizens and it's government.
The day I retire, off I go to Prince Edward Island.

 

[likeitreallyis]

Adds to the supply, so the oil should come down right ?

Supply and Demand is what some speculators say is the problem. This should only help...

Don't worry they'll pass the savings on to you.

 

[MakoMike]

Why does it make a difference what company finds oil? Are you concerned that Exxon/Mobile won't have enough profits?

 

[Striper77]

There are millions and millions of acres of oil leases that have not seen any drilling in the 15 years since they have been opened to drillers. I just finished sailing a boat across the Gulf of Mexico, the rigs ( and there are many hundreds of them ) go out to about 300 miles offshore, then they stop. There is not enough drilling equipment to drill for more oil, especially in the deeper areas, so they go untouched. I suppose they are making all sorts of deals with whoever has the equipment to tap more oil, but there is still a lot to be found. Problem is, the deeper oil is also more expensive oil, when oil was $50 a barrel or less, it simply did not pay to go look for it, now that it is near $140 , more of that deep oil becomes profitable for the oil companies.

 

[MakoMike]

Striper77 wrote:
There are millions and millions of acres of oil leases that have not seen any drilling in the 15 years since they have been opened to drillers. I just finished sailing a boat across the Gulf of Mexico, the rigs ( and there are many hundreds of them ) go out to about 300 miles offshore, then they stop. There is not enough drilling equipment to drill for more oil, especially in the deeper areas, so they go untouched. I suppose they are making all sorts of deals with whoever has the equipment to tap more oil, but there is still a lot to be found. Problem is, the deeper oil is also more expensive oil, when oil was $50 a barrel or less, it simply did not pay to go look for it, now that it is near $140 , more of that deep oil becomes profitable for the oil companies.


There are also millions of acres on inshore leases that have never been drilled on, becuas ethey don't seem to have any oil on them. Not every oil lease has oil, in fact most of them don't.

 

[654711]

OIL

At some point the oil will be worth drilling for. It may be ten or twenty years down the road. Imagine a US war with several middle eastern countries and a blockaid on the straights entering the gulf.
Why allow other countries to take it? At some point it will be priceless. Despite the hate of Exxon/Mobile it is a US company. They are one of the last utilizing American flagged ships. They employ thousands of US citizens. What has Italy done for us lately?
Transocean may do the drilling but Italy profits. IMHO.
If we are looking for oil independance, lets stop leasing to foreign countries and take if ourselves.But who knows, maybe there is no oil on the leasehold their drilling and the last laugh will be ours anyway. I doubt it with that kind of investment they are making in the contract with Transocean.

 

[likeitreallyis]

Exxon/Mobil is the worst company to buy from. Highest percentage of Arab oil.

Worst Environmental record of all the companies.

i'll never buy a drop from them ever again.

 

[MakoMike]

bigtimer wrote:
At some point the oil will be worth drilling for. It may be ten or twenty years down the road. Imagine a US war with several middle eastern countries and a blockaid on the straights entering the gulf.
Why allow other countries to take it? At some point it will be priceless. Despite the hate of Exxon/Mobile it is a US company. They are one of the last utilizing American flagged ships. They employ thousands of US citizens. What has Italy done for us lately?
Transocean may do the drilling but Italy profits. IMHO.
If we are looking for oil independance, lets stop leasing to foreign countries and take if ourselves.But who knows, maybe there is no oil on the leasehold their drilling and the last laugh will be ours anyway. I doubt it with that kind of investment they are making in the contract with Transocean.

Who do you think Transocean employs to do the work?

 

[Striper77]

MakoMike wrote:
Striper77 wrote:
There are millions and millions of acres of oil leases that have not seen any drilling in the 15 years since they have been opened to drillers. I just finished sailing a boat across the Gulf of Mexico, the rigs ( and there are many hundreds of them ) go out to about 300 miles offshore, then they stop. There is not enough drilling equipment to drill for more oil, especially in the deeper areas, so they go untouched. I suppose they are making all sorts of deals with whoever has the equipment to tap more oil, but there is still a lot to be found. Problem is, the deeper oil is also more expensive oil, when oil was $50 a barrel or less, it simply did not pay to go look for it, now that it is near $140 , more of that deep oil becomes profitable for the oil companies.


There are also millions of acres on inshore leases that have never been drilled on, becuas ethey don't seem to have any oil on them. Not every oil lease has oil, in fact most of them don't.

There are 60 million acres of leases in known oil producing areas of the Gulf where not one oil company has even looked for oil. Not every well is a success, but they have not even explored these leases.
They want the cheaper oil first, some of that is in environmentally sensitive areas. Seems to me we should use those areas as our "reserve" for emergencies. High price is not an emergency, war or embargo is an emergency. We could also go out past 300 miles in the Gulf ( not allowed at this time) where there are presently no rigs working.

 

[MakoMike]

Striper77 wrote:

There are 60 million acres of leases in known oil producing areas of the Gulf where not one oil company has even looked for oil. Not every well is a success, but they have not even explored these leases.
They want the cheaper oil first, some of that is in environmentally sensitive areas. Seems to me we should use those areas as our "reserve" for emergencies. High price is not an emergency, war or embargo is an emergency. We could also go out past 300 miles in the Gulf ( not allowed at this time) where there are presently no rigs working.


Do you really think that the oil companies would pay all that money and have no idea if there was oil there or not. Don't forget that the first phase of oil exploration does not involve any drilling.