Dallas, TX - Engineers have invented a new oil drill that is capable of reaching depths hundreds of miles greater than current technology, high level sources have reported. The new breakthrough means that it is now possible to withdraw oil from a surface location hundreds of miles to the side of the oil deposit. Oil in Texas could be withdrawn from a well in Louisiana or, in a more politically charged example, Iraqi oil could be withdrawn from a well located outside the country or ocean based.
The pioneering technology was developed at a stealth, venture-backed startup named LongStraw Inc., based in Dallas, Texas. The company has raised over $400M in funding since 1997 from deep-pocketed groups including Kleiner Perkins, as well as leading oil producers Exxon Mobil and Chevron. Commercialization of the technology is expected to take between 5-7 years.
A public announcement of the discovery is imminent, sources say. Obviously the political ramifications of such a technology are huge. Stay tuned for further developments.