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Anadarko's Gulf of Mexico well latest in huge finds -analysts

Shenandoah field could be double or triple previous estimates

* Find latest in string of potentially huge fields

* Company aims to continue appraisals

* Anadarko shares add 3.8 pct

By Kristen Hays

HOUSTON, March 20 (Reuters) - Analysts lauded Anadarko Petroleum Corp's latest well results in its Shenandoah field in the Gulf of Mexico on Wednesday, calling it a potentially huge find among a string of big discoveries that illustrate the prolific basin's importance to U.S. crude output.

Results of Anadarko's Shenandoah-2 appraisal well, which tested how much oil could be in the field, showed the reservoir could be two or three times bigger - or more - than the company's estimate of more than 300 million barrels of oil, analysts said.


Reuters) - Chevron Corp said it discovered oil at one of its wells in the U.S. Gulf of Mexico.

Chevron said the Walker Ridge Block 98 well in the deepwater Coronado prospect encountered more than 400 feet of net pay -- thickness of an oil reservoir that can produce hydrocarbons.

After the Gulf was shut down for a year or more after the BP disaster, the oil is flowing again. The BP disaster should have been a hint, BP wasn't ready for the amount and pressure of the oil that it found.

While a well in the Gulf can run a hundred times the cost of a well in the shale oil areas, the output is just awesome, and there is no NIMBY problems.

If the oil continues to flow, we may be on the cusp of a strong and growing economy for a long time. This isn't to say we will not have a panic in the next year or so, (See the 1970's charts) but without a lot of new energy, (oil or otherwise) when the economy starts picking up, a spike in energy prices will kill it.

While these are some very scary times with the Cyprus banking crisis and the U.S. Government sequester and other news, I think that the hair cut that the bond holders took in Cyprus and the probably failure of the Euro will be the final throes in the on going financial systems cleansing.

After this time, we will have a new economic world. Not a pretty with walls and fences, but new, new to be built upon, to made our home.

Those that keep enough wealth to invest in it, and boldly step out in the darkest hour, will be the ones that get to shape it and enjoy it.

Cheers
Qazulight
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