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

People & Company News

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

SUNY Maritime Takes the Ice Bucket Challenge

Taking full advantage of one of the summer’s hottest days, twelve administrators and staff at the State University of New York (SUNY) Maritime College today took the Ice Bucket Challenge,

Fraunhofer Researchers Improve Underwater Images

Videos and images of the submarine world are important for the maritime industry. Researchers from Fraunhofer IGD will show how underwater images can be improved

Offshore

N-KOM Lays Keel for Qatar’s First Liftboat

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.2132 sec (5 req/sec)