Thanks to a rebound in New Mexico's oil industry, the state's lawmakers have much more money to work with as they craft a spending plan for the coming fiscal year that aims to boost spending on education, courts and law enforcement.
Offshore development plays a critical role in U.S. energy security, supplying more than 1 million barrels of oil per day for the last 20 years.
Some break-even costs for offshore developments are about $10 per barrel lower than in U.S. shale basins, a new report finds.
U.S. Interior Secretary Ryan Zinke recently announced a leasing plan for 2019-2024 that would put more than 90% of the total Outer Continental Shelf (OCS) acreage and over 98% of "undiscovered, technically recoverable" oil/gas resources in federal offshore areas in play for future exploration and development.
The global oil market has been closely watching U.S. output, which may continue to contribute to global oversupply even as OPEC members, Russia and other producers curb production.
[T]hanks to increased natural gas exports to Mexico, LNG exports to at least 20 countries and less gas flowing into the country from Canada, according to the U.S. Department of Energy.
Everything is becoming more efficient. Fewer rigs are required because modern drilling rigs can drill more wells faster and longer. The increasing automation and use of robotics mean fewer people in the oil fields.
"And this isn't just about the dollars and cents. Getting the policy right on energy infrastructure will lead to greater reliability, safety, security, and affordability."
The United States is one of the only Atlantic nations that is not actively exploring for energy in the Atlantic Ocean. Canada, Brazil, Cuba, the Bahamas, Nigeria - near and far, nations with less coastline and less resource promise are moving forward to reap the benefits of their offshore natural gas and oil resources.
