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Italian Oil Company Drilling in US Waters??

967 Views 14 Replies 7 Participants Last post by  MakoMike
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On the rise, shares of Transocean Inc. (RIG:transocean inc new shs
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4:00pm 07/08/2008

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?????
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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.
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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.
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