Offshore in depth ///

The Gulf of Mexico continues to be an important contributor to the U.S. energy supply, and the nation’s economy. Offshore fields in the Gulf produced 550 MMbbl of oil and 1.35 Tcf of natural gas during 2015. The offshore oil and gas industry is credited with providing 650,000 direct, indirect and induced jobs. According to the Congressional Budget Office, the Federal government collects an 18.5% royalty on hydrocarbons produced in the Gulf, about $2.7 billion per year, and has collected $1.8 billion from lease auctions since 2005. More than 600 companies have financial interests in around 3,000 fixed structures and thousands of miles of pipelines in the Gulf.

Log in to view this article.

Not yet a subscriber?  Get started now for immediate access to this content and more.

World-Oil-Free-Trial-2015.jpg

World-Oil-Premium-Subscribe-2015.jpg

Already a subscriber but don’t have an online account? Contact our customer service.