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

Offshore

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Cruise Ship Trends

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Duffy Named President of Carnival Cruise

Carnival Corporation & plc., the world’s largest travel and leisure company, today announced that Christine Duffy has been named president of Carnival Cruise Line,

Fincantieri Wins Carnival Cruise Ship Order

Fincantieri SpA has been awarded an order by Carnival Corporation & plc for the construction of two new cruise ships for Carnival Cruise Line and Holland America Line.

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction 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: 0.1154 sec (9 req/sec)