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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

Fjords Processing Bags Johan Sverdrup Contracts

Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea.

Ocean Safety, Richard Irvin Marine Safety Merger

Ocean Safety has today announced the merger with Richard Irvin Energy Solutions Marine Safety Division and their Aberdeen branch.   This merger follows the

Cruise Ship Trends

Silversea Cruises Plans New Flagship

Cruise operator Silversea Cruises has unveiled its new flagship, the Silver Muse, which will begin sailing the seas in April 2017.    Built by Italian shipbuilding company Fincantieri,

Silversea Cruises Orders Luxury Ship from Fincantieri

Shipbuilder Fincantieri has received an order to build a new luxury cruise ship for client Silversea Cruises due for delivery in April 2017.    At 40,700 grt and accommodating 596 guests,

Confidence Low in Shipping Idustry

Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1160 sec (9 req/sec)