Offshore leasing program that makes sense
The potential of the Outer Continental Shelf (OCS) is great, and even under the previous leasing program oil production was projected to rise by some 400 to 600 thousand barrels per day by 1990. Secretary of the Interior James Watt has announced a new leasing program that will make available more than one billion acres over the next five years. This article makes an estimate of the oil and gas the new program will yield, and its effect on balance of payments and government lease bonus revenues. In terms of geographic areas, the leases offered were in Alaska, Atlantic, California, and Gulf of Mexico. The bids vary in price. The funds to finance increased OCS expenditures by the petroleum industry can come from three sources-transfer of investment from US onshore to US offshore, transfer of investment from outside the US to US offshore, and increased debt financing. US, European and Japanese refinery margins were included. Supply and demand data for US are running below last year's level. Demand for motor gasoline and distillates was up, while demand for residual fuel (mainly petrochemical feedstocks) continued to decline. Overall, stocks of all oils have been falling by more than 1.2 million barrels per day on average since the beginning of the year. 5 tables. (DP)
- OSTI ID:
- 5563052
- Journal Information:
- Pet. Situat.; (United States), Vol. 6:2
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
POLICY AND ECONOMY
CONTINENTAL SHELF
NATURAL GAS DEPOSITS
PETROLEUM DEPOSITS
LEASING
RESOURCE POTENTIAL
ALASKA
ATLANTIC OCEAN
CALIFORNIA
COST
GULF OF MEXICO
LAND LEASING
NATURAL GAS
PETROLEUM
PETROLEUM INDUSTRY
SUPPLY AND DEMAND
CARIBBEAN SEA
CONTINENTAL MARGIN
ENERGY SOURCES
FEDERAL REGION IX
FEDERAL REGION X
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
GEOLOGIC DEPOSITS
INDUSTRY
MINERAL RESOURCES
NORTH AMERICA
RESOURCES
SEAS
SURFACE WATERS
USA
294002* - Energy Planning & Policy- Petroleum
294003 - Energy Planning & Policy- Natural Gas
292000 - Energy Planning & Policy- Supply
Demand & Forecasting