AP U.S. Oil Reserves Could Grow by 50 Pct. Tuesday September 5, 1:30 pm ET By Brad Foss, AP Business Writer
Successful Test Well in Gulf of Mexico Means U.S. Oil Reserves Could Grow More Than 50 Percent
WASHINGTON (AP) -- Results from a deep-water test well in the Gulf of Mexico suggest a new pool of oil and gas that could boost U.S. reserves by as much as 50 percent.
Chevron Corp. on Tuesday estimated the 300-square-mile region where its test well sits could hold between 3 billion and 15 billion barrels of oil and natural gas liquids. Analysts are calling it the most significant domestic discovery since Alaska's Prudhoe Bay more than a generation ago.