Big CA oil find

The new field is in Kern County and could contain 150 to 250 million barrels of oil and gas. Occidental CEO Ray Irani called it "the largest new oil and gas discovery made in California in more than 35 years." From the WSJ:

The new field is small compared to the biggest recent global finds, such as the Tahiti field in the Gulf of Mexico, thought to hold as much as 500 million barrels, or the Jubilee field in Ghana, which could be several times that size. But unlike those fields, Occidental's discovery is on shore, where wells are far cheaper to drill. The company has previously said its California production costs less than $10 per barrel.

The announcement comes just as debate heats up over a provision in the budget compromise that would resume drilling off the coast of Santa Barbara - the first new drilling in state waters in 40 years.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook