According to Deloitte Center for Energy Solutions' recent study, the Gulf of Mexico deepwater drilling remains vital to the US economy and is vital for future growth. For the record, "easy oil" is gone; oil companies must venture to more challenging regions to explore and produce (E&P) crude oil. Such projects will require billions of dollars of investment in new technologies to produce crude oil and natural gas at depths greater than 5,000 feet under water. For the Western Hemisphere, the Gulf remains a "hot bed" of E&P activity. This region's crude oil reserves can provide a significant and secure source of domestic energy to the US. At present, 30% of the US' oil supplies come from the Gulf of Mexico, and this region provides an economic engine to the US by creating over thousands of jobs and more than $11 billion a year in royalties and taxes.
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