Will oil companies invest in drilling off the coast of N.C.?
Monday, October 6th, 2008
By Staff
Some experts weigh the likelihood and feasibility of tapping resources in the mid-Atlantic.
Forty-five miles off Cape Hatteras, Chevron USA said a decade ago, lay a colossal gamble that sounds sweet today.
The oil company reckoned only a 7 percent chance of striking oil or gas more than 11,000 feet under the sea floor. The potential reserves, however, could become the largest found since Alaska's Prudhoe Bay, the biggest oilfield in North America.
A federal official called the Manteo Exploration Unit, as the site is known, “a high-risk prospect with world-class potential.” And as a congressional ban on offshore exploration in the Atlantic expired last week, N.C. residents wracked by high energy prices are in a mood to drill.
But don't expect to see drill rigs anytime soon, experts say. (more…)
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