More oil could be coming out of the ground in Cameron Parish ground. An Australian company has big plans in the Black Bayou area.
In Cameron Parish the census shows population has decreased over the past ten years. Yet things are looking up in part because of the potential for increased development of oil and gas production.
Linc Energy of Australia has announced the purchase of fourteen oil fields in the Gulf Coast Region of Texas and Louisiana and the company sees immediate opportunity in the Black Bayou Field in Cameron Parish where they plan to aggressively drill in the next twelve to twenty four months to build production. Planning and development Director Ernie Broussard says it's a great for the economy. "This is an incredible opportunity for the parish to engage with a new partner that is going to double production, increase direct and indirect jobs, not to mention what it's going to create for the service industry. That coupled with the tax benefits on both assets and inventory really does make it an asset for the parish."
The company's plan to increase oil production from the 14 fields aims to nearly double barrels per day by the 4th quarter of 2012. Local financial advisor Reed Mendelson says it shows companies see the need for more domestic production in the U.S. "There's really an active pursuit not just here but all over the country to develop proven oil and gas reserves to build out for U.S. Energy needs."
The assets acquired by Linc come from ERG Resources LLC for a price of $236 million