The US Government’s Outer Continental Shelf (OCS) Strategy - A Balancing Act for Energy Security

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					       The US Government’s Outer Continental Shelf (OCS) Strategy
                 - A Balancing Act for Energy Security
       Reference Code: GDGE0623VPT                                                                                                        Publication Date: MAY 2010



                                                                                                    2       Summary
       1         Table of Contents                                                                  The Federal government proposed the US Outer Continental
                                                                                                    Shelf (OCS) Strategy in March 2010. The strategy opens new
       1    Table of Contents ...............................................................1      areas for the exploratory development of oil and gas resources
         1.1    List of Tables ...............................................................1
                                                                                                    in the eastern Gulf of Mexico (GOM), the Florida Coast, the
         1.2    List of Figures..............................................................1
       2 Summary ............................................................................1      Arctic Ocean and Atlantic Ocean off the Mid-Atlantic and South
       3 The US Government’s Outer Continental Shelf Strategy - A                                   Atlantic states without compromising the protection of fisheries,
       Balancing Act for Energy Security .............................................1             tourism and other coastal areas. However, Alaska’s Bristol Bay
         3.1    Declining Domestic Reserves and Need for Reducing                                   and certain other coasts are protected from exploration activity
         Oil Imports has Paved way for Leasing in Outer Continental                                 as per the new program. The strategy intends to enhance US
         Shelf (OCS)............................................................................2   energy security by improving domestic exploration in the
         3.2    Proposals to Open Drilling Offshore Leases will drive
                                                                                                    reserve potential frontiers while simultaneously addressing the
         the Domestic Oil Production...................................................3
         3.3    Anticipated Resistance from Environmentalists has                                   environmental concerns. The government plans to reduce its oil
         driven the Government to Inhibit Exploration in Certain                                    imports by increasing their access to the OCS reserves and
         Resource-Rich, Environmentally-Sensitive Frontiers .............4                          hence encouraging the domestic oil and gas industry, creating
         3.4    Development of Oil Reserves in OCS will Drive Energy                                jobs and generating revenues from lease sales.
         Security and Aid the Ailing Domestic Oil and Gas Industry....4
       4 Appendix ............................................................................5     3       The US Government’s Outer
         4.1    Methodology................................................................5
         4.2    Contact Us ..................................................................6
                                                                                                            Continental Shelf Strategy - A
         4.3    Disclaimer ...................................................................6             Balancing Act for Energy Security
                                                                                                    In March 2010, the Federal government has planned to open
                                                                                                    offshore drilling leases for oil and natural gas along the Atlantic
       1.1       List of Tables                                                                     Coastline, the eastern GOM and the north coast of Alaska. The
                                                                                                    new plan offers access to the vast areas of the OCS for drilling.
       Table 1: The US, Crude Oil Reserves, Million Barrels,
                  2000-2009     2                                                                   The plan inhibits oil and gas development activity on the
       Table 2:   The US, Historic Production and Consumption of                                    coastline from New Jersey northwards and the Pacific Coast,
                  Crude Oil (1000 Barrels per Day), 2000-2009                                       from Mexico to the Canadian border and Bristol Bay in
                       2                                                                            southwestern Alaska. The plan proposes leases for exploration
       Table 3:   The US, Outer Continental Shelf (OCS) Planning                                    and drilling in large tracts of the Chukchi Sea and Beaufort Sea
                  Area Acreage, 2010     3                                                          in the Arctic Ocean north of Alaska, after appropriate
       Table 4:   The US, Outer Continental Shelf (OCS) Planned
                                                                                                    environmental       approvals.     The    Federal    government’s
                  Area Acreage, 2010     4
                                                                                                    responsibility to protect major Alaskan commercial fisheries and
                                                                                                    endangered whales has made them hold back permission for oil
                                                                                                    and gas development in the Federal waters of Bristol Bay. The
       1.2       List of Figures                                                                    government is likely to support the exploration and drilling of
       Figure 1:        The US, Newly Approved Exploration Areas, 2010                              approximately 130 million acres as per the new plan. The
                              3                                                                     drilling in newly opened areas is expected to commence after
       Figure 2:        The US, Outer Continental Shelf Oil and Gas                                 the conclusion of geological studies, environmental impact
                        Strategy, 2010 3                                                            statements, court challenges and public lease sales. The
       Figure 3:        The US, OCS Oil and Gas Strategy, 2010 3
                                                                
				
DOCUMENT INFO
Description: The US Government’s Outer Continental Shelf (OCS) Strategy - A Balancing Act for Energy Security Summary The Federal government proposed the US Outer Continental Shelf (OCS) Strategy in March 2010. The strategy opens new areas for the exploratory development of oil and gas resources in the eastern Gulf of Mexico (GOM), the Florida Coast, the Arctic Ocean and Atlantic Ocean off the Mid-Atlantic and South Atlantic states without compromising the protection of fisheries, tourism and other coastal areas. However, Alaska’s Bristol Bay and certain other coasts are protected from exploration activity as per the new program. The strategy intends to enhance US energy security by improving domestic exploration in the reserve potential frontiers while simultaneously addressing the environmental concerns. The government plans to reduce its oil imports by increasing their access to the OCS reserves and hence encouraging the domestic oil and gas industry, creating jobs and generating revenues from lease sales. Scope - Analysis of the Us Federal government's proposed US Outer Continental Shelf (OCS) Strategy of March 2010. - Highlights of the key reasons for the opening of the drilling leases for oil and natural gas along the Atlantic Coastline, the eastern GOM and the north coast of Alaska. Discussions on the implications of the proposed strategy. Reasons to buy - Understand the key reasons behind the proposed US Outer Continental Shelf strategy. - Gain understanding of the implications of the proposed strategy on the US oil and gas industry. - Identify the areas which have been opened up for offshore drilling leases for oil and gas.
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