MercoPress, en Español

Montevideo, March 25th 2019 - 20:51 UTC

Potential of US offshore oil and gas, according to American Petroleum Institute

Friday, November 21st 2014 - 06:59 UTC
Full article 3 comments
Eastern Gulf of Mexico, the Pacific OCS and the Atlantic OCS are currently almost entirely off-limits to offshore oil and gas development Eastern Gulf of Mexico, the Pacific OCS and the Atlantic OCS are currently almost entirely off-limits to offshore oil and gas development
”We can do much more of the same (jobs, investment, revenue, reliable sources) with more access to the OCS,” said NOIA president Randall Luthi. ”We can do much more of the same (jobs, investment, revenue, reliable sources) with more access to the OCS,” said NOIA president Randall Luthi.

Two new studies released 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. oil and gas industry is already a major source of jobs, economic activity, revenue to state and federal governments, and affordable and reliable American energy for American consumers. We can do much more of the same with more access to the OCS,” said NOIA president Randall Luthi.

All three areas – the Eastern Gulf of Mexico, the Pacific OCS and the Atlantic OCS – are currently almost entirely off-limits to offshore oil and gas development but could be included in the federal government’s next five-year leasing program. If the federal government begins holding lease sales in these regions in 2018, the three studies show that by 2035.

Pacific OCS development could create more than 330,000 jobs, spur nearly 140 billion dollars in private sector spending, generate 81 billion in revenue to the government, contribute over 28 billion per year to the U.S. economy, and add more than 1.2 million barrels of oil equivalent per day in domestic energy production.

Eastern Gulf of Mexico development could create nearly 230,000 jobs, spur 114.5 billion in private sector spending, generate 69.7 billion in revenue for the government, contribute over 18 billion per year to the U.S. economy, and add nearly 1 million barrels of oil equivalent per day to domestic energy production.

Atlantic OCS development could create nearly 280,000 jobs, spur 195 billion in private sector spending, generate 51 billion in revenue for the government, contribute up to 24 billion per year to the U.S. economy, and add 1.3 million barrels of oil equivalent per day to domestic energy production.

Development in all three study areas – the Eastern Gulf of Mexico, the Pacific OCS, and the Atlantic OCS – could, by 2035, create more than 838,000 jobs annually, spur nearly 449 billion in new private sector spending, generate more than 200 billion in new revenue for the government, contribute more than 70 billion per year to the U.S. economy, and add more than 3.5 million barrels of oil equivalent per day to domestic energy production.

“None of the benefits shown in the studies can be realized without actual sales. The key to tapping this amazing economic and energy potential is including lease sales in these areas in the 2017-2022 OCS Oil and Gas Leasing Program,” Luthi said.

Top Comments

Disclaimer & comment rules
  • yankeeboy

    Once Odumbo is gone and the waters are opened again for exploration watch out!
    This is just the beginning of the O/G revolution in the USA.
    It will change the world.

    Nov 21st, 2014 - 11:05 am 0
  • Klingon

    I guess they have forgotten about the BP oil spill already.

    Nov 21st, 2014 - 06:11 pm 0
  • yankeeboy

    One accident and you should stop forever?
    You Rgs are silly creatures.

    Nov 21st, 2014 - 06:52 pm 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!