Offshore Drilling to Expand in Gulf

Tuesday, March 07, 2006
According to Newhouse News Service, energy companies find the Gulf of Mexico lucrative and are investing even more to tap further into its potential, despite the threats of hurricanes. Six months after Hurricane Katrina, Gulf oil production is still down 25 percent and natural gas is down 20 percent. More than 100 platforms were destroyed and almost 200 pipelines were damaged by the storm. But Newhosue News Service reported that all indications point to the Gulf of Mexico rebounding from the storm's effects by the end of this year and that companies were seeking to expand. Shell has plans to spend part of its $15 billion exploration budget this year in the United States. BP plans to spend about $2 billion a year through the end of the decade on exploration. And, among other projects, Chevron has recommitted to spending $900 million to develop its Blind Faith field in the Gulf. The Minerals Management Service estimates there are 71 billion barrels of oil reserves in the Gulf, 56 billion of that in its deeper waters. That could rise if the eastern Gulf of Mexico is opened for drilling. By the end of the year, the agency estimates, about 2 million barrels of oil a day will be produced in the Gulf, compared with the 1.5 million barrels a day that companies produced before the storms last year. Production is expected to stay at that record level for at least five years. Gas production, however, isn't expected to make significant gains in the next few years. However, because of high demand for there may not be enough people, rigs or boats available to reach those estimated production amounts. (Source: Newhouse News Service)
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

New Chemical Handling Service from Ferguson Group

Tank, Fluid Solutions and Bunded Storage for Dangerous Goods and Chemicals Introduced at Gap Ridge, Karratha.    Ferguson Group Australia, global specialist in offshore DNV 2.

InterMoor Completes Juniper Mooring Installation Contract

InterMoor has completed a mooring and foundation installation campaign for bpTT’s Juniper gas project offshore Trinidad and Tobago, reportedly the largest foundation

Boost for Offshore Wind Energy

As part of President Obama’s Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior

Cruise Ship Trends

26-year Jail Term Sought for Concordia Master

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people.

Fire Scare Aboard British Cruise Ship

The Boudicca, a Fred Olsen cruise liner, with more than 1,000 people on-board has been left without power off the coast of Morocco after an engine fire.  Passengers of the U.

Danish Pleasure Craft Safety Board Gets A New Head

From 1 February 2015 a new chairman will head the Danish Pleasure Craft Safety Board. The new incumbent is Jan Thorn, who is in his everyday work Director

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.1226 sec (8 req/sec)