Slower gulf permitting pace costs jobs, API-funded study finds

01/16/2012
A slower permitting pace in the Gulf of Mexico following the 2010 Macondo deepwater well incident and spill and subsequent moratorium is reducing investment in new projects and costing jobs, a new study commissioned by the American Petroleum Institute concluded. Capital and operating expenditures in the gulf have plunged by $18.3 billion in 2010 and 2011 relative to pre-moratorium plans, according to the study, "The State of the Offshore US Oil & Gas Industry," by Quest Offshore Resources, a Sugar Land, Tex., consulting firm. Eleven deepwater rigs have left the gulf since Apr. 10, 2010, to work off Brazil, Egypt, Angola, and elsewhere, it noted. "Through 2015, the inves...
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