GoM Drilling Plan Advances

Thursday, March 09, 2006
Legislation that would open part of the Gulf of Mexico to offshore oil and gas exploration easily cleared a Senate committee on March 8, but could face future hurdles placed by coastal lawmakers, MarketWatch reported. The Senate Energy Committee voted 16-5 to approve a proposal to open around 3 million acres in an area known as "Lease Sale 181" to oil and gas drilling. The area is projected to hold as much as 6 trillion cubic feet of natural gas. The plan would maintain a 100-mile buffer zone between exploration activities and the Florida shore. Advocates of expanded drilling contend that high natural gas prices pose a threat to the U.S. economy through higher energy costs, particularly for electricity production. The effort has also drawn the support of farm-state and other lawmakers, who contend that higher natural gas prices are driving up costs of fertilizer and crippling chemical companies that use the fuel in their production processes. (Source: MarketWatch)

Offshore

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

 
 
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