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Executive Summary: The State of the Offshore Oil and Gas Industry

Executive Summary: The State of the Offshore Oil and Gas Industry

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Published by Energy Tomorrow
As a result of the moratorium and uncertainty about future permitting, 11 drilling rigs, representing 14 projects, have left the Gulf of Mexico since April 2010. These rigs have gone to countries such as Brazil, Egypt and Angola with some rigs later relocating to the North Sea—taking a cumulative $21.4 billion of associated lost U.S. capital and operating investment with them. In addition, an estimated 91,000 jobs were lost, $18.3 billion of previously planned capital and operating expenditures did not occur in 2010 and 2011, and The EIA projects that Gulf oil production will be down more than 12 percent in 2012 over 2010.
As a result of the moratorium and uncertainty about future permitting, 11 drilling rigs, representing 14 projects, have left the Gulf of Mexico since April 2010. These rigs have gone to countries such as Brazil, Egypt and Angola with some rigs later relocating to the North Sea—taking a cumulative $21.4 billion of associated lost U.S. capital and operating investment with them. In addition, an estimated 91,000 jobs were lost, $18.3 billion of previously planned capital and operating expenditures did not occur in 2010 and 2011, and The EIA projects that Gulf oil production will be down more than 12 percent in 2012 over 2010.

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Published by: Energy Tomorrow on Jan 03, 2012
Copyright:Attribution Non-commercial No-derivs

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07/22/2013

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$21.4 billion in investments lost according to Quest Offshore study
 Asia Pacifc
1 Rig • $1.2 Billion
Egypt
3 Rigs • $4.4 BillionNorth Sea3 Future Projects • $4.2 BillionSouth America3 Rigs • $5.5 BillionWest Africa4 Rigs • $6.1 Billion
Lost Capital Investment from Rig MovementsOutside of the U.S. Gulf of Mexico
 
 As a result of the moratorium and uncertainty about future permitting, 11 drilling rigs, representing 14 projects, have leftthe Gulf of Mexico since April 2010. These rigs have gone to countries such as Brazil, Egypt and Angola with some rigs laterrelocating to the North Sea—taking a cumulative $21.4 billion of associated lost U.S. capital and operating investmentwith them. In addition:
 
 An estimated 91,000 jobs were lost as a result of the moratorium in 2011;
 
 An estimated $18.3 billion of previously planned capital and operating expenditures did not occur in 2010 and 2011; and
 
The EIA projects that Gulf oil production will be down more than 12 percent in 2012 over 2010.The full study can be found at
http://bit.ly/rVZSct
Prepared by Quest Offshore Resources, Inc., December 2011
Source: Quest Offshore Resources, Inc. 2011.

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