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Offshore Oil & Gas Policy Handbook 2011
Offshore Oil & Gas Policy Handbook 2011
Global Oil and Gas Companies are Continuing to Venture Deeper Into Offshore for Exploration and Production Activities
Hyderabad,
AP,
India
(prbd.net)
20/06/2011
Global Oil and Gas Companies are Continuing to Venture Deeper Into Offshore for Exploration and Production Activities
Over the past few decades, extensive oil and gas exploration has been carried out for hydrocarbon
reserves onshore. Most major onshore discoveries were made during 1960 and 1980. In the recent past,
very few major discoveries have been made onshore. In the last few years, the number of discoveries
made offshore almost equal or at times exceed onshore discoveries.
Following the Gulf of Mexico disaster, the US government imposed a moratorium on offshore oil and gas
operations. At the same time other countries with major offshore operations such as the UK, Norway,
Australia, Netherlands and so on, continued with their offshore operations citing the reason that they have good and efficient offshore safety and environment policies. The BP oil spill disaster is an incident among many of such risks faced by the oil and gas industry. A few months later, the US government too lifted the moratorium and decided to move ahead with offshore operations with a stricter, more efficient and accountable HSE regime.
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In May 2011, BP along with Azerbaijan State Oil Company SOCAR received a production sharing
agreement (PSA) to explore and develop the Shafag-Asiman block in the Caspian Sea, and in the same
year was awarded four blocks in deepwater of Ceduna Sub Basin within the Great Australian Bight.
Australian Bight, off the coast of South Australia is among the seven deepwater blocks put up for lease in offshore Australia.
Contracts awarded to BP since the recent oil spill disaster suggest that countries did not change their
attitude towards BP due to the incident, but increased focus on their HSE policies and began asking
operators in their regions to be more cautious in their offshore exploration and production operations.
“Offshore Oil & Gas Policy Handbook 2011 - The Gulf of Mexico Oil Spill Mandates Rethinking of
Health, Safety and Environment Measures” is the latest report from GlobalData, the industry analysis
specialists, that offers comprehensive information on offshore oil and gas policy initiatives taken up by
countries with significant offshore oil and gas operations, globally. There has been an ongoing shift
towards looking out for oil and gas resources in emerging and frontier areas across different regions
globally. In the US, it is prompted by the need to increase domestic production of oil and gas in order to
bring down prices, as currently, there is no real alternative to oil that can drive the US economy. In other
regions like Africa, South and Central America, Asia Pacific and Europe too, there have been policy
directives encouraging foreign participation for offshore oil and gas production across different countries. This is mainly because the onshore resources are depleting and the offshore areas are yet to be fully exploited.
For further details, please click or add the below link to your browser:
http://www.globaldata.com/reportstore/Report.aspx?ID=Offshore-Oil-Gas-Policy-Handbook-2011-The-Gulf-of-Mexico-Oil-Spill-Mandates-Rethinking-of-Health-Safety-and-Environment-Measures&Title=Energy_and_Utilities&ReportType=Industry_Report
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