Studies Show U.S. Offshore’s Untapped Potential
While short-term news emanating from the global energy sector was universally negative in the waning months of 2014 as the price per barrel continued to plummet below $60, the inevitable truth of oil & gas is that prices will rise again, and the long-term picture for this extinguishable natural resource is decidedly bullish. The oil and gas industry is very well accustomed to hard cyclical markets, markets that are defined not only by supply and demand but increasingly by hard-to-predict forces of politics and international gamesmanship.
Study: US Offshore Holds Huge Untapped Potential
Two new studies released today by the National Ocean Industries Association (NOIA) and the American Petroleum Institute (API) show significant potential added energy and economic benefits to the United States if the Eastern Gulf of Mexico and the Pacific outer continental shelf (OCS) were opened to offshore oil and natural gas development. Both studies were conducted by Quest Offshore Inc., which also conducted a study of the Atlantic OCS, which NOIA and API released last year. “The U.S.
MTS Houston Lunch: Impact of GOM O&G Industry on Jobs
The next MTS Houston Section luncheon will be held on August 25 2011 and will feature a presentation by Paul Hillegeist, Quest Offshore. Paul will provide an overview of a new study released in July by the National Ocean Industries Association (NOIA) and the American Petroleum Institute (API). The study reveals the nationwide jobs and economic impact of the Gulf of Mexico offshore oil and gas industry and the effect of permitting on the job figures. According to the study conducted by Quest Offshore Inc., the Gulf offshore oil and gas industry supported more than 240,000 jobs across the country in 2010, while contributing more than $26 billion to the nation’s GDP. The Gulf offshore oil and gas industry supports tens of thousands of jobs outside the Gulf of Mexico.
Study: O&G Setback Cost U.S. Jobs
figures. According to the study conducted by Quest Offshore Inc., the Gulf offshore oil and gas industry supported more than 240,000 jobs across the country while contributing more than $26 billion to the nation’s GDP in 2010. "The Gulf offshore oil and gas industry supports tens of thousands of jobs outside the Gulf of Mexico," said Randall Luthi, president of NOIA. But offshore industry-related jobs are down from 2008, the study shows, due in part to the poor economy, the deepwater moratorium, and the continuing slow pace of new drilling permits in the gulf. More than 60,000 jobs have been lost in the Gulf States alone since 2008, according to the study.
