Major Oil Discovery in Deep Sea Gulf of Mexico

Field Name: Jack Field
Location: Walker Ridge block 759
Water Depth: 7000 ft
Total Depth: 29000 ft (TD? MD?)
Formation Age: Tertiary
Net Pay: 350+ ft at Jack #1
Reserves: 3 to 15 bn barrels (vs. 13 bn Prudhoe Bay Field, 29bn US Reserve);
Owners: CVX (opr., 50%), DVN(25%), Statoil (Encana? 25%)
Years before production: ~ 5 years.

Promising Tertiary Formations:
Other Recent (Lower) Tertiary Findings at GOM:
- Kashida Well at Keathley Canyon, BP(opr. 55%), DVN(20%), APC(25%). 5860 ft water depth. 800ft net pay.
- Alaminos Canyon Block 856, Total (opr. 70%) and Nexen (30%), WD 7800 ft at 2nd well; net 85ft,

CVX, DVN and APC are the three largest Tertiary lease holders.

Otherwise most of the Gulf of Mexico's oil found so far is trapped in rocks dating from the Miocene period (younger), holding 350 to 500 mln barrels of oil, which may not be big enough to be economic.