By September 8, 2017 0 Comments Read More →

LLOG moves ahead with 5 billion-barrel Gulf project

Covington-based LLOG Exploration Co. and its partners have leased a drilling rig and taken other key steps to begin developing a deepwater field in the Gulf of Mexico that holds close to 5 billion barrels of oil.

The Buckskin Project covers six lease blocks in roughly 6,800 feet of water. LLOG is moving ahead after Chevron and Maersk Oil, a Danish giant, abandoned the project.

“Why is LLOG interested when everybody else has given up on it? I think the short answer is because the people that controlled it originally were big, major oil companies who have not the predilection to develop medium- to smaller-sized reserves,” said Eric N. Smith, associate director of Tulane University’s Energy Institute. “Now this sounds like a huge reserve, but it’s really not in the world of Chevron”…


Click Here for Remainder of Article 

Posted in: LOGA News

About the Author:

Post a Comment