On March 31, US President Barack Obama announced plans to open 157 million acres for oil and gas leasing on the East Coast, in the eastern Gulf of Mexico and in northern waters offshore Alaska (see the article on pp. 76–79). The new acreage comes with innumerable “ifs” and “buts”—a case of how more is less. The new areas will be available for 2012–2017 lease sales only after environmental impact assessments and public hearings. The US Congress may yet renew its expired annual ban on exploration on the East Coast. In the eastern Gulf of Mexico, drilling must take place 125 mi beyond the Florida shoreline. There is little or no oil and gas infrastructure in these regions, and new seismic surveys will be needed to better understand the resource potential, which will take decades to explore and develop (see figure).
Log in to view this article.
Not yet a subscriber? Find out more and subscribe today!
Already a subscriber but don’t have an online account? Contact our customer service.
*Access will be granted the next business day.
Connect with World Oil
Join Our Newsletter ///
Sign-up for World Oil Daily News
Latest News ///More
- Venezuela investors meet in Davos as U.S. weighs sanctions (5/20)
- Energy crunch causing ESG to fall out of favor, warns ex-BP CEO (5/20)
- Schroeder quits Rosneft job after pressure over Putin ties (5/20)
- ‘Hell no’: Finance firms tell Texas they don’t boycott energy (5/20)
- Woodside wins backing to buy BHP oil, gas amid climate backlash (5/19)