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

Statoil’s Julius well discovers gas, condensate in King Lear area

07/23/2015 Statoil ASA said its Julius exploratory well, drilled in the King Lear area of the Norwegian North Sea, has discovered gas and condensate (OGJ Onli...

BHP Billiton still interpreting deepwater Trinidad and Tobago seismic data

07/22/2015 BHP Billiton, the operator of all of the deepwater blocks awarded by Trinidad and Tobago, has said it will decide how many wells it will drill base...

Nile Delta gas strike due on production

07/20/2015

Eni SPA said a natural gas discovery on the Nooros prospect in Egypt will be placed on production at an unspecified rate within 2 months.

Total unveils development sites for renamed Papua LNG project

07/13/2015 Total SA and its joint venture partners Oil Search Ltd. and InterOil Corp. have announced key infrastructure sites for development of the proposed ...

WAFWA: Aerial survey finds lesser prairie chicken population grew

07/13/2015 A recent range-wide aerial survey found the lesser prairie chicken population rose 25% from 2014 to 2015, the Western Association of Fish & Wil...

Moody's: Macondo settlement seen 'positive' for BP

07/13/2015 BP Exploration & Production Inc.'s recent agreement to settle federal and state claims related to the 2010 Macondo blowout and spill improves t...

BP to settle federal, state Deepwater Horizon claims for $18.7 billion

07/13/2015 BP Exploration & Production Inc. has agreed in principle to settle all federal and state claims arising from the 2010 Deepwater Horizon inciden...

CERI: Energy, operational efficiencies possible in Canadian oil, gas

07/13/2015 Measures can be taken by operators in the expanding resource-intensive Canadian oil and gas sector to improve both energy efficiency and operationa...

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...
White Papers

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

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by
Available Webcasts


Driving Growth and Efficiency with Deep Insights into Operational Data

When 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



On Demand

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


Predictive Analytics in your digital oilfield - Optimize Production Yield and Reduce Operational Costs

Tue, Jul 7, 2015

Putting predictive analytics to work in your oilfield can help you anticipate failures, plan and schedule work in advance, eliminate emergency work and catastrophic failures, and at the same time you can optimize working capital and improve resource utilization.  When you apply analytic capabilities to critical production assets it is possible to reduce non-productive time and increase your yield.

Learn how IBM's analytics capabilities can be applied to critical production assets with the goal of reducing non-productive time, increasing yield and reducing operations costs.

register:WEBCAST


Cognitive Solutions for Upstream Oil and Gas

Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

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