MMS increases offshore oil, gas estimates


The US Minerals Management Service has increased its assessment of undiscovered offshore resources 65% for conventionally recoverable oil and 35% for gas.

The agency uses the estimates in its management of the Outer Continental Shelf (OCS) leasing program.

MMS Director Walt Rosenbusch said, "The estimated increases calculated for the OCS petroleum resources are primarily due to recent successes in deepwater exploration in the Gulf of Mexico. The previous assessment was completed in 1995, and since that time there has been remarkable activity in deepwater areas."

MMS determines oil and gas resource estimates for two categories: undiscovered conventionally recoverable resources and undiscovered economically recoverable resources. Factors such as recent geophysical, geological, technological, and economic conditions are considered.

Undiscovered conventionally recoverable resources are the potential hydrocarbons of an area that can be produced using current technology, without any consideration of economic feasibility.

Undiscovered economically recoverable resources are the portion of the undiscovered conventionally recoverable hydrocarbons that can be explored, developed, and commercially produced at given costs and price considerations using present or reasonably foreseeable technology.

MMS said conventionally recoverable resources are 24.9 billion bbl and 122.6 tcf for offshore Alaska, 2.3 billion bbl and 28 tcf for the Atlantic, 37.1 billion bbl and 192.7 tcf for the Gulf of Mexico, and 10.7 billion bbl and 18.9 tcf for the Pacific. The totals are 75 billion bbl and 362.2 tcf.

MMS said economically recoverable resources (at $18 bbl and $2.11/Mcf) are: 3.3 billion bbl and 1.6 tcf for Alaska, 500 million bbl and 6.6 tcf for the Atlantic, 17.5 billion bbl and 100.3 tcf for the Gulf of Mexico, and 5.3 billion bbl and 8.3 tcf for the Pacific. The totals are 26.6 billion bbl and 116.8 tcf.

The agency will use the 2000 resource assessment while considering an offshore leasing program for 2002-2007 and initiatives such as deep water royalty relief, and in the overall management of offshore oil and gas resources.

Related Articles

Emerging producers offered guidelines for governance

07/06/2015 Like most worthy endeavors, governing oil and gas activity at the national level is easier said than done-especially where oil and gas never before...

China's Yanchi area, western Ordos basin derived from mixed source

07/06/2015 The Yanchi area lies in the west of China's Ordos basin and to the west of the giant Sulige gas field, site of recent breakthroughs in Lower Permia...

Newfoundland, Labrador prepare for deepwater exploration

07/06/2015 Canada-Newfoundland and Labrador Offshore Petroleum Board's (C-NLOPB) most recent call for bids for the Eastern Newfoundland Region is coming to a ...

Poor BIA management has hindered tribal energy development, GAO says

07/06/2015 The US Bureau of Indian Affairs does not have data it needs to verify ownership of some Indian oil and gas resources, easily identify resources ava...

Group suggests principles for Alberta royalty review

07/06/2015 The Canadian Association of Petroleum Producers (CAPP) has suggested that four principles guide Alberta in an oil and gas royalty review planned by...

Case for Keystone XL has grown stronger, TransCanada tells Kerry

07/06/2015 Canada is taking strong steps toward combating climate change, and the proposed Keystone XL pipeline crude oil pipeline remains in the US national ...

OGJ Newsletter

06/29/2015

Mubadala starts production at Nong Yao in Gulf of Thailand

06/29/2015 Mubadala Petroleum, Abu Dhabi, started production on June 17 from its Nong Yao oil field in the G11/48 concession of the southern Gulf of Thailand.

YPFB Andina makes oil discovery in Bolivia’s Boqueron field

06/22/2015 YPFB Andina reported an oil discovery in Boqueron field in Bolivia’s Santa Cruz region. The Boqueron 4D well reached a total depth of 3,237 m and h...
White Papers

UAS Integration for Infrastructure: More than Just Flying

Oil and gas companies recognize the benefits that the use of drones or unmanned aerial systems (UAS) c...

Solutions to Financial Distress Resulting from a Weak Oil and Gas Price Environment

The oil and gas industry is in the midst of a prolonged worldwide downturn in commodity prices. While ...
Sponsored by

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by
Available Webcasts


The Resilient Oilfield in the Internet of Things World

When Tue, Sep 22, 2015

As we hear about the hype surrounding the Internet of Things, the oil and gas industry is questioning what is different than what is already being done. What is new?  Using sensors and connecting devices is nothing new to our mode of business and in many ways the industry exemplifies many principles of an industrial internet of things. How does the Internet of Things impact the oil and gas industry?

Prolific instrumentation and automation digitized the industry and has changed the approach to business models calling for a systems led approach.  Resilient Systems have the ability to adapt to changing circumstances while maintaining their central purpose.  A resilient system, such as Maximo, allows an asset intensive organization to leverage connected devices by merging real-time asset information with other critical asset information and using that information to create a more agile organization.  

Join this webcast, sponsored by IBM, to learn how about Internet of Things capabilities and resilient systems are impacting the landscape of the oil and gas industry.

register:WEBCAST



On Demand

Taking the Headache out of Fuel License and Exemption Certificates: How to Ensure Compliance

Tue, Aug 25, 2015

This webinar, brought to you by Avalara, will detail the challenges of tax document management, as well as recommend solutions for fuel suppliers. You will learn:

-    Why it’s critical to track business partner licenses and exemption documents
-    The four key business challenges of ensuring tax compliance through document management
-    Best practice business processes to minimize exposure to tax errors

register:WEBCAST


Driving Growth and Efficiency with Deep Insights into Operational Data

Wed, Aug 19, 2015

Capitalizing on today’s momentum in Oil & Gas requires operational excellence based on a clear view of what your business data is telling you. Which is why nearly half* of oil and gas companies have deployed SAP HANA or have it on their roadmap.

Join SAP and Red Hat to learn more about using data to drive process improvements and identify new opportunities with the SAP HANA platform running on Red Hat Enterprise Linux. This webinar will also show how your choice of infrastructure impacts the performance of core business applications and your ability to achieve data-driven insights quickly and reliably.

*48% use SAP, http://go.sap.com/solution/industry/oil-gas.html

register:WEBCAST


OGJ's Midyear Forecast 2015

Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected