"If we find a 1-billion-barrel field in 10, 000 feet of water, we'll move quickly to get any technological gaps filled to make that happen, " he insists.

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The government didn't receive any bids to redevelop the 8 billion barrel East Baghdad field because much of it lies under residential neighborhoods.

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The real value of TNK-BP is in its portfolio of untapped treasures, like the 6 billion barrel Russkoye heavy oil field.

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In April, the 250 million barrel Skrugard oil discovery was made in the Barents Sea, and the 150-300 million barrel Peregrino South oil field was discovered offshore Brazil.

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The two initialled contracts were with Soyuzneftegaz for the 100, 000-barrel-a-day Rafidain field in southern Iraq and with Tatneft for block nine in the Western Desert.

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With its distance and depth of field scales on the barrel, the FUJINON XF14mm (21mm) F2.8 lens is ideally suited for a range of shooting techniques.

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They decline significantly from one year to the next because each barrel of oil taken from a reservoir reduces the pressure within the field, leaving less force available to push the next barrel of oil up the well.

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But the Hebron oil field is believed to extend southward into U.S. waters with its billion-barrel potential.

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