Some Known Details About Maersk sells two jackup rigs in $31M all-cash deals

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Since the Offshore Technology Conference is happening, we have actually been going over overseas a fair bit this week, and I believed I would explore how overseas drilling works. Being geographically near to the Gulf of Mexico (Go, M), I'm going focus my attention there. Our recent analysis of top oil producing and leading gas producing counties included some huge offshore areas.

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Just Recently The Lower Tertiary in the Go, M has actually remained in the news with substantial potential 15 billion barrels of oil. Compare that to EIA approximated 29 billion barrels in reserve onshore US, and you have a fantastic exploration chance. To Check out and Produce offshore you need a platform (generally referred to as a rig) from which to drill wells, extract product, and in many cases store the oil or gas until it can be transferred to refineries or other destinations.

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Thanks, Terry!] Where to drill Read More Here of the Go, M is largely Jurassic and Cretaceous, when the basin encouraged collection and evaporation of sea water, leaving behind build-ups of Salt and Gypsum, which then domed and trapped abundant hydrocarbons. Source: How are leases structured? The Submerged Lands Act (SLA) of 1953 grants specific States rights to the natural resources of submerged lands from the shoreline to no greater than 3 nautical miles (5.

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The only exceptions are Texas and the west coast of Florida, where State jurisdiction extends from the coastline to no greater than 3 marine leagues (16. 2 km) into the Gulf of Mexico. Source: https://www. boem.gov/ Federal-Offshore-Lands/ State and federal ownership of the seabed: Source: https://en. wikipedia.org/wiki/File:Offshore, Ownership, Borders. jpg Beyond the state boundaries in the Go, M there are Offshore Reach Areas that are additional subdivided into blocks that go up for bid from the federal government.