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SamFamAustin
03-20-2007, 03:25 PM
The posting about the drill barge near MOW is a case in point. What were they about to do? Well I don't want to stir things up in the Abacos TOO much, but I must say we're fighting a major drilling deal in South Texas.

First they do seismic testing. This involves air-guns in deepwater and explosives in shallow water. The blasts create pressure waves that bounce off the geologic strata; a slower signal means more resistance probably due to hydrocarbon deposits, slats, and clays. Because of the density of water is much greater than air, these pressure waves can go for a long ways ... blasting a mile away can be 1 psi to us people but 500 psi to the dolphins, whales, turtles, and other marine residents.

Once 3-D seismic surveys are done the fun just begins. Exploratory wells are drilled into suspected finds and logged as to pressure, depth, hydrocarbon content, and so forth. I have no idea about the oil company who was bringing in the drill barge that floated into MOW reefs, but it is not typical to just sink a borehole without some very good seismic data. They usually know where the oil and gas is before they start.

And yes there are hydrocarbon deposits in the Bahamas, although proven reserves are probably not all that big - but the government might want to develop their "resources" if you catch my drift.

That is why I'm defending our bays and inshores against oil drilling in a pristine area of S. Texas. I think y'all should watch it like a hawk, too, as there are millions to be made ... a seismic survey costs 30 million just to get started. Save Guana ... heck man, if the real oil companies show up you'd better get educated up real quick. I don't mean to sound harsh but expect to lose and then celebrate the small victories. Thanks for the rant.
sammie

PELLUCID
03-22-2007, 08:37 PM
Some of what I dug up earlier on Liberty Oil & Gas leads me to believe it was primarily designed to benefit the managing partners, rather than to find oil or to reward investors. In short, a scam.

The area they leased has a pretty low probablility of an oil strike, as shown by the paltry amount they paid the government. I don't have the exact figures anymore, but I think it was something less than $40,000 a year. So if it takes $1,000,000 to move the barge, and Liberty Oil & Gas has no assets to sue (which I think is the case) then the government is way in the hole on this deal.

If this whole experience has the effect of making them a lot less likely to approve future oil exploration projects, then it will have been worth it in my opinion.

SamFamAustin
03-22-2007, 09:37 PM
Thanks for the post, Pellucid. Most of the stuff in the very deepwaters is now just being found, such as a quite large field off Cuba ... where there was not supposed to be anything. But I have to agree, that Liberty Oil deal was a shill for some other shady business practice.

Today I was appointed Chairman of Save The Laguna Madre Bay. I won't bore you all with the details ... but I now have a deeper appreciation for those who want to save Guana Cay. It is a ton of extra work and I still have my day job.

/sammie