Page 12: of Maritime Reporter Magazine (March 2015)

BY THE NUMBERS

Study U.S. Offshore’s Untapped Potential hile short-term news emanating from the All three areas – the Eastern Gulf of Mexico, the Pa- to the U.S. economy, and add nearly 1 million barrels of global energy sector was universally nega- ci? c OCS and the Atlantic OCS – are currently almost oil equivalent per day to domestic energy production. tive in the waning months of 2014 as the entirely off-limits to offshore oil and gas development

W price per barrel continued to plummet below $60, the but could be included in the federal government’s next • Atlantic OCS development could create nearly inevitable truth of oil & gas is that prices will rise again, ? ve-year leasing program. If the federal government 280,000 jobs, spur $195 billion in private sector spend- and the long-term picture for this extinguishable natu- begins holding lease sales in these regions in 2018, the ing, generate $51 billion in revenue for the government, ral resource is decidedly bullish. The oil and gas indus- three studies show that by 2035: contribute up to $24 billion per year to the U.S. econo- try is very well accustomed to hard cyclical markets, my, and add 1.3 million barrels of oil equivalent per day markets that are de? ned not only by supply and demand • Paci? c OCS development could create more to domestic energy production.

but increasingly by hard-to-predict forces of politics than 330,000 jobs, spur nearly $140 billion in private and international gamesmanship. sector spending, generate $81 billion in revenue to the • Development in all three study areas – the

Despite the gloom, two new studies released by the government, contribute over $28 billion per year to the Eastern Gulf of Mexico, the Paci? c OCS, and the At-

National Ocean Industries Association (NOIA) and the U.S. economy, and add more than 1.2 million barrels of lantic OCS – could, by 2035, create more than 838,000

American Petroleum Institute (API) show signi? cant oil equivalent per day in domestic energy production. jobs annually, spur nearly $449 billion in new private potential added energy and economic bene? ts to the sector spending, generate more than $200 billion in

U.S. if the Eastern Gulf of Mexico and the Paci? c outer • Eastern Gulf of Mexico development could new revenue for the government, contribute more than continental shelf (OCS) were opened to offshore oil create nearly 230,000 jobs, spur $114.5 billion in pri- $70 billion per year to the U.S. economy, and add more and natural gas development. Both studies were con- vate sector spending, generate $69.7 billion in revenue than 3.5 million barrels of oil equivalent per day to do- ducted by Quest Offshore Inc. for the government, contribute over $18 billion per year mestic ener (Credit: Chevron - Statoil ASA) 12 Maritime Reporter & Engineering News • MARCH 2015

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