A pair of joint studies by the National Ocean Industries Association (NOIA), the American Petroleum Institute and Quest Offshore Inc. claim that offshore energy activity could lead to tremendous gains in oil production that would only increase over the next few decades.
According to a release on the subject by the NOIA, the studies looked at three different areas currently restricted from energy harvest expansion: the eastern side of the Gulf of Mexico, the Pacific Outer Continental Shelf (OCS) and the Atlantic Outer Continental Shelf.
The earliest these regions could be opened for development would be 2018, but altogether the three are estimated to contribute more than $440 billion in private sector money by 2035 and provide for 838,000 jobs.
In the statement, Randall Luthi, head of NOIA, said that the benefits would continue to deliver the gains that have already been noticed in energy production. The Pacific alone would result in more than 1 million barrels of oil per day 21 years from now.
"The U.S. oil and gas industry is already a major source of jobs, economic activity, revenue to state and federal governments, and affordable and reliable American energy for American consumers," he said. He added later that "the key to tapping this amazing economic and energy potential is including lease sales in these areas in the 2017-2022 OCS Oil and Gas Leasing Program."
If possible energy grounds are to expand, the need for proper oilfield insurance is also going to grow. Businesses that have a bona fide provider of these policies will find themselves in a better position to establish facilities and start operation when the time comes, as well as care for the needs of the necessary workers.