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Exxon's big plans for offshore drilling

WLWT -- Oil company spending billions to drill in Canada

NEW YORK (CNNMoney) —Two hundred miles southeast of Newfoundland, not far from where the Titanic sank, ExxonMobil is spending $14 billion to drill one of the biggest oil fields in the North Atlantic.

Seeing Exxon develop oil fields for Canada is reviving calls for the United States to do the same off its Atlantic Coast -- which has been closed for oil and gas exploration for decades.

But as Shell's drill ships continue to run aground in the Arctic, critics say letting Exxon drill off the coast of Newfoundland or the heavily populated U.S. Eastern Seaboard is a mistake.

The risks: In 1982, the Ocean Ranger -- then the largest drill rig of its type in the world -- capsized and sank in nearby waters during a winter storm, killing

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Submitted Jan 18, 2013 By: aservant

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honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Jan 23, 2013 3:50:34 AM Ignore honda0105 Report Abuse Kulluk: $270 million dollar equipment + 100s of experts (and their salaries) + $7 million dollars in AK taxes avoided = priceless for making a fool out of themselves.
honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Jan 22, 2013 3:59:23 AM Ignore honda0105 Report Abuse the Kulluk at least is floatable again, but regular drill rigs are no match for those conditions.
lesndave Champion Author Texas Posts:3,173 Points:728,630 Joined:May 2011	Message Posted: Jan 18, 2013 8:33:10 PM Ignore lesndave Report Abuse Go get 'em
my2002m Champion Author Tulsa Posts:6,213 Points:1,697,980 Joined:Jul 2008	Message Posted: Jan 18, 2013 7:12:43 PM Ignore my2002m Report Abuse Hope things go well for them.
Joeski1 Champion Author New Jersey Posts:10,210 Points:1,769,535 Joined:Dec 2004	Message Posted: Jan 18, 2013 9:27:33 AM Ignore Joeski1 Report Abuse A billion plus huh? Wow, by the time it hits market it'll cost $6 a gallon
FuelBarge Champion Author Long Island Posts:9,340 Points:2,103,990 Joined:Aug 2005	Message Posted: Jan 18, 2013 8:42:41 AM Ignore FuelBarge Report Abuse The oil will probably be refined in New Brunswick and sent to New England.
diesel8888 Champion Author Salt Lake City Posts:1,309 Points:386,135 Joined:Nov 2011	Message Posted: Jan 18, 2013 7:13:16 AM Ignore diesel8888 Report Abuse Drill away!
txequitygas All-Star Author Houston Posts:937 Points:184,035 Joined:Dec 2012	Message Posted: Jan 18, 2013 7:09:18 AM Ignore txequitygas Report Abuse If they know a billion bls is there, why dont we ever see a map of the world with major oil locations? Only a few years ago, they were always saying there is no more oil left?
OldMan322 Champion Author Illinois Posts:5,287 Points:1,622,130 Joined:Jul 2008	Message Posted: Jan 18, 2013 7:03:31 AM Ignore OldMan322 Report Abuse "Rancher23" Most likly
BigRedVTX Champion Author Georgia Posts:1,015 Points:530,755 Joined:Jun 2011	Message Posted: Jan 18, 2013 6:59:48 AM Ignore BigRedVTX Report Abuse As noted in the article, the technology for this type of operation has improved tremendously. And it continues to improve out of necessity for govenmental and environmental reasons. While profit is the basis for the operation, this can do nothing but increase the independence (of at least Canada) from import strangulation. A good thing if it is passed on to the consumer. Will it? Tune in later for further details :)
PTBpricer Champion Author Virginia Posts:1,885 Points:228,170 Joined:Jun 2012	Message Posted: Jan 18, 2013 6:58:11 AM Ignore PTBpricer Report Abuse daquanabe, good answer.
daquanabe Champion Author Houston Posts:1,913 Points:391,625 Joined:Oct 2009	Message Posted: Jan 18, 2013 6:56:59 AM Ignore daquanabe Report Abuse Chadgas, if you're in the oil industry about 15 minutes.
Chadgas Champion Author Missouri Posts:1,118 Points:2,202,400 Joined:Feb 2006	Message Posted: Jan 18, 2013 6:56:04 AM Ignore Chadgas Report Abuse How long does it take to re-coop $14 billion?
hvyd1 All-Star Author Chicago Posts:965 Points:86,725 Joined:Feb 2012	Message Posted: Jan 18, 2013 6:55:51 AM Ignore hvyd1 Report Abuse good luck with that.
SmokeFan14 Champion Author St. Louis Posts:2,135 Points:1,109,780 Joined:Oct 2008	Message Posted: Jan 18, 2013 6:52:33 AM Ignore SmokeFan14 Report Abuse Anyone have a crystal ball. Only way to knwo for sure if it the right decision.
taxiken Champion Author Twin Cities Posts:6,085 Points:1,574,450 Joined:Feb 2003	Message Posted: Jan 18, 2013 6:52:26 AM Ignore taxiken Report Abuse We need MORE.
Sam195 Champion Author San Bernardino Posts:8,230 Points:1,602,775 Joined:Oct 2008	Message Posted: Jan 18, 2013 6:51:25 AM Ignore Sam195 Report Abuse I hope the oil production is massive.
mfgendron All-Star Author New York Posts:750 Points:323,605 Joined:Sep 2008	Message Posted: Jan 18, 2013 6:51:23 AM Ignore mfgendron Report Abuse Exxon is loaded, just liike all the rest with record profits? how about lowering the price of gas 2 days a week?
niceguytx Champion Author Houston Posts:13,835 Points:2,740,590 Joined:Sep 2005	Message Posted: Jan 18, 2013 6:51:13 AM Ignore niceguytx Report Abuse They need to do it safely.
tml721 Champion Author Columbus Posts:12,752 Points:2,417,250 Joined:Jul 2005	Message Posted: Jan 18, 2013 6:50:49 AM Ignore tml721 Report Abuse Here's hoping the GOV doesn't medal, which they will, of course!
geezrtek Champion Author Michigan Posts:2,053 Points:450,735 Joined:Apr 2011	Message Posted: Jan 18, 2013 6:44:50 AM Ignore geezrtek Report Abuse Hope they do it safely.
GingoutMD Champion Author Maryland Posts:3,495 Points:713,305 Joined:Jan 2010	Message Posted: Jan 18, 2013 6:34:11 AM Ignore GingoutMD Report Abuse That will increase the need for "Iceberg Wranglers" who relocate icebergs floating near the oil rigs. Not many of these folks out there, but may increase if more oil rigs are built in the North Atlantic.
w4kh Champion Author Tennessee Posts:11,806 Points:2,256,560 Joined:May 2004	Message Posted: Jan 18, 2013 6:31:48 AM Ignore w4kh Report Abuse Seeing Exxon and Shell spending the BILLIONS of dollars they have so far invested in trying to gain access to oil fields in such dangerous and difficult areas feels like a desperate attempt to remain relevant in the energy world, now that the "low hanging fruit" of conventional oil drilling has been picked over.
hvn4me Champion Author Virginia Beach Posts:1,080 Points:1,524,720 Joined:Aug 2008	Message Posted: Jan 18, 2013 6:30:23 AM Ignore hvn4me Report Abuse Right on Beardog1FL.
garjul Champion Author Flint Posts:1,721 Points:674,365 Joined:Jul 2009	Message Posted: Jan 18, 2013 6:14:05 AM Ignore garjul Report Abuse Really wonder if its worth it, 14 billion? [Edited by: garjul at 1/18/2013 8:15:27 AM EST]
METEOR49 Champion Author Ontario Posts:2,312 Points:482,925 Joined:Apr 2011	Message Posted: Jan 18, 2013 6:13:35 AM Ignore METEOR49 Report Abuse remove the rigs in winter, seems simple .
BartBuzz Champion Author Atlanta Posts:9,025 Points:1,803,460 Joined:Aug 2006	Message Posted: Jan 18, 2013 6:12:48 AM Ignore BartBuzz Report Abuse And the beat goes on. Let's move along.
EMoe57 Champion Author Jacksonville Posts:4,753 Points:1,043,515 Joined:Apr 2009	Message Posted: Jan 18, 2013 6:11:26 AM Ignore EMoe57 Report Abuse Good on all them
Stevedog Champion Author Michigan Posts:3,993 Points:1,973,675 Joined:Jul 2006	Message Posted: Jan 18, 2013 6:06:44 AM Ignore Stevedog Report Abuse more dead zones on the way
Goat2008 Champion Author Ontario Posts:1,290 Points:846,650 Joined:Aug 2008	Message Posted: Jan 18, 2013 6:05:32 AM Ignore Goat2008 Report Abuse ok
Beardog1FL Champion Author Florida Posts:1,021 Points:693,145 Joined:Feb 2011	Message Posted: Jan 18, 2013 6:05:12 AM Ignore Beardog1FL Report Abuse More oil more greed.
Mikeyl Champion Author Cleveland Posts:5,302 Points:1,211,595 Joined:Aug 2004	Message Posted: Jan 18, 2013 6:01:55 AM Ignore Mikeyl Report Abuse Here's the rub: We need more energy sources. Until there is an affordable, viable alternative, we'll need more oil. If this is where the oil is and this is the best way to get to it, then that's what we have to do. Accidents happen. Oil rigs sink in storms. So, it doesn't need to be working there in the winter. Run it March to October then pull it up and move it.
miser73 Champion Author Gary Posts:1,297 Points:260,210 Joined:Apr 2012	Message Posted: Jan 18, 2013 6:01:38 AM Ignore miser73 Report Abuse Wherever it is, go for it! There are risks in all human endeavors. They just need to take reasonable precautions and observe lessons learned from past incidents.
armstrmb Champion Author Houston Posts:10,701 Points:2,117,830 Joined:Jun 2007	Message Posted: Jan 18, 2013 6:01:04 AM Ignore armstrmb Report Abuse Good for Exxon. At least this has something to do with gas prices.
the1roadhog Champion Author Atlanta Posts:9,949 Points:2,081,505 Joined:Jun 2007	Message Posted: Jan 18, 2013 6:00:16 AM Ignore the1roadhog Report Abuse Getting back on the horse...again and again.
joel27nc Champion Author Raleigh Posts:10,677 Points:1,886,070 Joined:Mar 2008	Message Posted: Jan 18, 2013 5:58:24 AM Ignore joel27nc Report Abuse Looking for BIG profits!
TheSicilian Champion Author Jacksonville Posts:5,519 Points:1,497,450 Joined:Feb 2009	Message Posted: Jan 18, 2013 5:58:24 AM Ignore TheSicilian Report Abuse make us independent
SavALot Champion Author Virginia Beach Posts:8,618 Points:1,739,185 Joined:Apr 2005	Message Posted: Jan 18, 2013 5:54:21 AM Ignore SavALot Report Abuse Exxon is really prepping here
SqrKpf Champion Author Toronto Posts:2,030 Points:410,360 Joined:Oct 2010	Message Posted: Jan 18, 2013 5:50:12 AM Ignore SqrKpf Report Abuse ok
CSharpGuy Champion Author Colorado Springs Posts:9,612 Points:1,926,085 Joined:Jan 2008	Message Posted: Jan 18, 2013 5:50:00 AM Ignore CSharpGuy Report Abuse Drill, baby, drill!
tbgasmizer Champion Author Ontario Posts:6,053 Points:1,230,620 Joined:Oct 2009	Message Posted: Jan 18, 2013 5:47:05 AM Ignore tbgasmizer Report Abuse Watever it takes to bring gas prices down.
BazooQC Champion Author Montreal Posts:9,846 Points:1,663,175 Joined:Oct 2008	Message Posted: Jan 18, 2013 5:46:56 AM Ignore BazooQC Report Abuse Uh oh ...
Gville Champion Author Ohio Posts:1,461 Points:1,139,905 Joined:Dec 2006	Message Posted: Jan 18, 2013 5:46:42 AM Ignore Gville Report Abuse Let's hope they've learned from others' mistakes.
BearGolfn Champion Author Twin Cities Posts:2,319 Points:575,770 Joined:May 2011	Message Posted: Jan 18, 2013 5:45:59 AM Ignore BearGolfn Report Abuse Lets hope they can do this safely, with no accidents
TC5504 Champion Author West Virginia Posts:1,080 Points:221,710 Joined:Sep 2012	Message Posted: Jan 18, 2013 5:45:50 AM Ignore TC5504 Report Abuse Good luck.
gs7101 Champion Author San Antonio Posts:5,658 Points:396,020 Joined:Jun 2009	Message Posted: Jan 18, 2013 5:45:18 AM Ignore gs7101 Report Abuse Let's wait and see if these big plans become a reality!
Pointtx Champion Author Austin Posts:3,366 Points:749,330 Joined:Mar 2011	Message Posted: Jan 18, 2013 5:44:58 AM Ignore Pointtx Report Abuse Ok.
VB_Richard Champion Author Virginia Beach Posts:1,798 Points:379,520 Joined:Dec 2011	Message Posted: Jan 18, 2013 5:44:33 AM Ignore VB_Richard Report Abuse Hopefully, we are learning from our past.
tdc007 Champion Author Lexington Posts:1,253 Points:410,555 Joined:Feb 2012	Message Posted: Jan 18, 2013 5:44:14 AM Ignore tdc007 Report Abuse OK
WeasleyOC Champion Author Orange County Posts:3,285 Points:829,800 Joined:Jul 2008	Message Posted: Jan 18, 2013 5:43:47 AM Ignore WeasleyOC Report Abuse Similar to the North Sea? Why not?