A 20%-30% recovery rate, which would be typical for this kind of field, would imply recoverable reserves of 600 million to 900 million barrels of oil equivalent, said Mr. Hutton.
The Tiber well, 250 miles southeast of Houston, Texas, is in 1,259 meters of water and was drilled to a total depth of 10,685 meters, “making it one of the deepest wells ever drilled by the oil and gas industry,” the company said.
I’m sure this was accidental. I am sure that without the chance to earn some income from it that these sources would continue to be found. I am sure that some planner would have thought it feasible to drill a hole over 6.6 miles deep into the earth just to get some oil. And I am sure that if some public servant were smart enough and risk-seeking enough to do it, that he could deliver it to us for the equivalent of $70 per barrel. Yup. I believe it.