Saturday, 25 January 2020

Oil & Gas News

Coming Soon: Next Step to Atlantic Oil & Gas Exploration

5api logoThe Obama administration is expected to move closer this week to allowing new exploration for oil and natural gas in the Atlantic Outer Continental Shelf (OCS).

Surging oil and natural gas production onshore has sparked an energy and manufacturing revolution in America. But offshore, 87 percent of federal waters remain closed to energy exploration. A recent report projects big economic gains if we remove self-imposed obstacles and open the Atlantic OCS to responsible energy development.

Between 2017 and 2035, oil and natural gas development in the Atlantic OCS could:

·         Create nearly 280,000 new jobs along the East Coast and across the country

·         Generate an additional $195 billion in private investment on oil and natural gas activity

·         Contribute up to $23.5 billion per year to the U.S. economy

·         Add 1.3 million barrels of oil equivalent per day to domestic energy production, which is about 70% of current output from the Gulf of Mexico

·         Raise $51 billion in new revenue for the government

Seismic surveys, an advanced exploration technique used to locate potential oil and natural gas reserves below the ocean floor, are an essential first step. The Obama administration will publish this week an environmental study that could pave the way for the first seismic surveys of the Atlantic OCS in three decades.

Existing estimates of the oil and natural gas available in the Atlantic OCS are out of date. New surveys using state-of-the-art techniques and technology would provide a better understanding of the oil and natural gas resource potential in that area. Watch this video to learn how it works.

By allowing seismic surveys in the Atlantic and including the area in its upcoming five-year offshore leasing plan, the Obama administration can open the door to significant economic growth for the U.S. and Atlantic coastal states.


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