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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Cruise Ship Trends

Royal Caribbean Orders 3 Ships from STX

Following the delivery of Harmony of the Seas on May 12 in Saint-Nazaire, the American group Royal Caribbean Cruises Ltd. signed an order for three additional vessels,

FAL Engages Inland Marine Service for Marine Operations

French America Line, the newest U.S. cruise line that begins sailing five- to 10-day cruise itineraries aboard its intimate 75-stateroom flagship Louisiane in August,

Mumbai Port to Revamp Int'l Cruise Terminal

Indian Merchants’ Chamber provides a platform to urban developers to address various issues pertaining to the restructuring of Mumbai City Mumbai, May 23, 2016:

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators 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: 0.0733 sec (14 req/sec)