Noble Energy announces oil discovery in Gulf

Noble Energy Inc. on Tuesday reported an oil discovery at a deepwater well in the Gulf of Mexico that was the first such drilling project to receive a permit after the government lifted a post-BP spill drilling moratorium.

The company said it found oil deposits 60 feet thick when it drilled to a depth of about 18,920 feet, from a well located in 6,500 feet of water, about 70 miles southeast of Venice, La.

Chairman and CEO Charles Davidson said results at Noble's Santiago well "were very consistent with our pre-drill expectations."

The project was the first to receive a deepwater drilling permit in the Gulf of Mexico after the Deepwater Horizon oil rig exploded on April 20, 2010.

Read Full Article from BusinessWeek

- Posted: 2011-06-01 09:32:42

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