Schwarzky oil developer talks about plans for new oil field in Tennessee
TENNESSEE — Schwarzy oil developer Schwarzed Oil announced Wednesday it is exploring a new oil development on land that once was part of the Schwarze oil field but now sits abandoned and unused.
The project is called the Schloss West.
The company plans to drill wells at the site, which sits in the upper Tennessee Valley.
The area is a former oil field that was abandoned in the early 2000s, according to the company.
Schwarzer says the land will be developed for oil development and is not currently a viable oil prospect.
The land sits on an area that was part, but not entirely, of the land once owned by Schwarzes family.
The company will begin building a $2 billion oil production facility there, and Schwarzos family is a big proponent of the project, the company said.
The Schlosses’ family first acquired the Schlafly and Wampanoag properties in the late 1920s.
They later sold the property to the Tennessee Valley Authority.
They eventually sold the land to the city of Chattanooga in 2000 for $3.5 million.
The Tennessee Valley Railroad, the land’s original owners, were interested in developing the property, and they decided to leave it abandoned, according a report by the Chattanooga Times Free Press.
SchlAFT had planned to build a new gas station there.
The station opened in 2004.
The city of Tennessee approved the Schlagz’s request to buy the property.
The Schlans sold the Schloessy property in 2013 for $1.7 million, but the city and the company still haven’t gotten a lease.
Schwarzy is the first company in the Tennessee region to announce a new project since the U.S. government declared a moratorium on drilling in the region in late 2016.
The U.N. Oil Agency is reviewing the region’s oil resources.
A moratorium is not required for a new development to proceed.