Oil, Gas Industry Push Deeper

Tuesday, January 16, 2007
The oil and gas expanded the offshore drilling frontier in the Gulf of Mexico. Already one of the most explored basins in the world, the Gulf of Mexico’s deepest hydrocarbon deposits will be auctioned off later this year, the result of political maneuvering in the waning moments of the last Congress. This new area will attract interest from companies with deep pockets and lots of patience, according to industry experts. But it will be years before any new oil and gas discoveries translate into more energy supplies for consumers.

Energy companies focused on future exploration are anxious to lock up this territory 125 miles off the Florida and Alabama coastlines, where the Outer Continental Shelf dives down to form a broad, flat plain more than a mile below the water’s surface. This new drill zone - nearly twice the size of New Jersey - represents a compromise between lawmakers who sought to expand domestic oil and natural gas production and others who feared more rigs could lead to oil spills that would threaten the region’s vital coastal economy. To energy industry veterans, the new deepwater territory is a welcome, if smaller than expected, patch upon which to go prospecting with equipment that can withstand the crushing weight and extreme temperatures of the abyss.

Gulf of Mexico wells off the Texas, Louisiana, Mississippi and Alabama coasts produce one-third of the nation’s domestic oil and 21 percent of its natural gas, according to the Minerals Management Service, the federal agency that oversees ocean energy production. Discoveries in the ultradeep water of the gulf have been multiplying since the mid-1990s. Just last year, a production test of a deep well under 7,000 feet confirmed a giant reserve of oil some 175 miles off the Louisiana coast. Source: Gannett

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

German Shipyard FSG Re-organises Top Management

Flensburger Schiffbau-Gesellschaft (FSG) says it will be headed by a new management team from January 1st 2015, details as follows: Current Chief Technology

Ningpo Port Truckers Strike, Disrupt Freight

Thousands of truck drivers went on strike over salary and haulage rates in the eastern Chinese port of Ningbo this week, and a logistics firm said on Friday the

Kvaerner in Statoil Unmanned Platform Project

Kvaerner say that Statoil has awarded it a concept study related to a standardised, unmanned dry tree wellhead platform for the Oseberg Future Development project.

Offshore

Kvaerner in Statoil Unmanned Platform Project

Kvaerner say that Statoil has awarded it a concept study related to a standardised, unmanned dry tree wellhead platform for the Oseberg Future Development project.

Scotland Site for World's Biggest Tidal Array

The world’s biggest tidal array is to be built in North Scotland bringing jobs and energy security to the Pentland Firth region, informs a UK Government news release.

CBP Aircraft Locates Vessel in Distress

U.S. Customs and Border Protection Office of Air and Marine agents assigned to the North Dakota Air Branch have located four people on Red Lake after a call

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1645 sec (6 req/sec)