Occidental ready to bring Bakken phenomenon to California

Nov. 15, 2012

By Chris Reed

In my research for a U-T San Diego editorial that’s running today about fracking’s immense promise in California, I was astounded to find that Occidental, one of the largest oil/gas companies in the U.S., says it has already secured control of drillable land in the Central Valley with quintuple the potential oil reserves of the Bakken formation in North Dakota:

“Even if California’s media haven’t caught on to the state’s potential for a Bakken-style economic boom, the oil industry has. By far the BLM’s biggest 2011 lease [for use of federal land for oil and gas exploration in California] was the $180,000 paid for a 200-acre parcel by Vintage Production California, a Bakersfield-based subsidiary of Occidental Petroleum, the third-largest U.S. oil and gas producer. On Oxy’s website, it estimates the shale reserves on California land it already controls to have over 20 billion barrels of potential oil — a claim that the company says is made in accordance with the Securities and Exchange Commission’s rule that only ‘economically producible’ reserves can be cited in SEC filings.”

We can expect an immense battle over fracking in California, starting soon. The environmentalists are hugely powerful here. But with tens of billions of dollars at stake, Occidental and other oil companies won’t be scared to take them on.

11 comments

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  1. Queeg
    Queeg 15 November, 2012, 08:07

    Sell the land to state. Hire Hugo Chavez’s oil company to extract and refine. Sell oil to unionized gas stations and spouces of legislators. They sell at retail to state residents. Everyone happy eh?

    Reply this comment
  2. eyeamok
    eyeamok 15 November, 2012, 08:29

    This will never happen, not a chance, The very idea that we could have an abundant, cheap supply of energy will do nothing but fuel the thirst for freedom and independence, You have better odds at getting struck by lightning twice in the same day, Any one wanna goto Vegas and see if we can get odds on this??? bet ya it would be 50:1 that it ever materializes.

    Reply this comment
  3. Queeg
    Queeg 15 November, 2012, 08:32

    Shucks…mortified!

    Reply this comment
  4. Dyspeptic
    Dyspeptic 15 November, 2012, 09:11

    Eyeamok, you are correct, there is absolutely no chance of that happening here. Cheap, abundant energy is the last thing the environmental ideologues want. They would rather give up the billions of dollars in economic benefits and taxes just to see the little people struggle to make ends meet after paying for all the exorbitant alternative energy scams. THEY WANT US TO SUFFER. IN THEIR WARPED WORLD VIEW WE DESERVE TO BE PUNISHED FOR CONSUMING TOO MUCH OF THE WORLDS RESOURCES. THEY BELIEVE IN EQUALITY THROUGH DEPRIVATION. EXCEPT FOR THEMSELVES OF COURSE.

    @ Queeg, I’ll be generous and give you a gold star for creative thinking.

    Reply this comment
  5. eyeamok
    eyeamok 15 November, 2012, 09:49

    I fully expect Jerry Brown and the Speaker of the Assembly to come out anyday now to formally put the kabash on any such plans that would destroy the natural pristine environment. The only problem is Armand Hammer was a Soviet Spy according to the records released after the fall of the USSR, so who knows maybe they will throw a bone to a fellow communist? But I doubt it.

    Reply this comment
  6. Dyspeptic
    Dyspeptic 15 November, 2012, 12:06

    @ Eyeamok,

    We are on the same wavelength. Yes, Armand Hammer was a Soviet agent and his father was a close personal friend of Lenin. When very few westerners could get in to the Soviet Union Hammer had no trouble and was treated with great hospitality by his Communist hosts. However, the repulsive money grubbing Commie hypocrite Hammer is thankfully dead and hopefully roasting in hell’s boiler room so I don’t think the Environmental Overlords will take that into consideration before putting the kibosh on the fracking business.

    Reply this comment
  7. Queeg
    Queeg 15 November, 2012, 12:33

    Dys….be nice….name calling alarms us at CWD. How could you do such a thing?

    Reply this comment
  8. Dyspeptic
    Dyspeptic 15 November, 2012, 17:51

    Queeg, you need insensitivity training. Man up and quit reading those romance novels.

    Reply this comment
  9. Dyspeptic
    Dyspeptic 15 November, 2012, 17:55

    Queeg, I forgot to add – work on your atrocious spelling too.

    Reply this comment
  10. Rex the Wonder Dog!
    Rex the Wonder Dog! 15 November, 2012, 18:54

    Queeg, you need insensitivity training. Man up and quit reading those romance novels……

    LOL…Teddy, aka Queeg, will never recover 🙂

    Reply this comment
  11. Hondo
    Hondo 15 November, 2012, 20:42

    If what Mr Reed says is true then the ensuing battle will be of epic proportions. I can’t wait to see the fur fly. Israel and Iran are ready for a grudge match and that will trash the straits of hormoz, thru which a huge supply of the worlds oil passes. If that occurs and the Kali enviorfreaks try to shut down this latest find, get a ring side seat, for even Obama will go a fracking.
    Hondo………

    Reply this comment

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