McMoRan and Energy XXI estimate 2 trillion cubic feet in shallow Gulf find

The Houston Chronicle reported January 11 that McMoRan Exploration Co. and Energy XXI have announced initial readings suggesting one of the largest oil and natural gas discoveries in the shallow waters of the Gulf of Mexico in decades.

The find, 10 miles off the Louisiana coast in the Davy Jones prospect in 20 feet of water, is estimated at 2 trillion cubic feet of resources overall, including oil and natural gas.

For details on the discovery, see http://www.chron.com/disp/story.mpl/hotstories/6809339.html.