Oil, Gas Industry Push Deeper

Tuesday, January 16, 2007
The oil and gas expanded the offshore drilling frontier in the Gulf of Mexico. Already one of the most explored basins in the world, the Gulf of Mexico’s deepest hydrocarbon deposits will be auctioned off later this year, the result of political maneuvering in the waning moments of the last Congress. This new area will attract interest from companies with deep pockets and lots of patience, according to industry experts. But it will be years before any new oil and gas discoveries translate into more energy supplies for consumers.

Energy companies focused on future exploration are anxious to lock up this territory 125 miles off the Florida and Alabama coastlines, where the Outer Continental Shelf dives down to form a broad, flat plain more than a mile below the water’s surface. This new drill zone - nearly twice the size of New Jersey - represents a compromise between lawmakers who sought to expand domestic oil and natural gas production and others who feared more rigs could lead to oil spills that would threaten the region’s vital coastal economy. To energy industry veterans, the new deepwater territory is a welcome, if smaller than expected, patch upon which to go prospecting with equipment that can withstand the crushing weight and extreme temperatures of the abyss.

Gulf of Mexico wells off the Texas, Louisiana, Mississippi and Alabama coasts produce one-third of the nation’s domestic oil and 21 percent of its natural gas, according to the Minerals Management Service, the federal agency that oversees ocean energy production. Discoveries in the ultradeep water of the gulf have been multiplying since the mid-1990s. Just last year, a production test of a deep well under 7,000 feet confirmed a giant reserve of oil some 175 miles off the Louisiana coast. Source: Gannett

Maritime Today


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

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

People & Company News

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Day of Seafarer: ICS Highlights Seafarers Role in Migrant Rescues

Gerardo Borromeo, Vice Chairman of the International Chamber of Shipping (ICS) took the opportunity today to highlight the courage that is currently being displayed by seafarers,

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Offshore

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.0930 sec (11 req/sec)