Here's What You Need To Know About Obama's New Offshore Drilling Announcement

The Obama administration just announced a new off shore oil drilling initiative which will impact oil opportunities across the United States.

Alaska

Alaska Oil
  • Beaufort and Chukchi SeasĀ  – Study the viability of oil drilling in the region
  • A Shell study states that, with production starting in 2019, 5 billion barrels of oil and 7 trillion cubic feet of gas could be produced in the Beaufort Sea area by 2057
  • A Shell study states that, with production starting in 2022, 4.8 billion barrels of oil and 7.8 trillion cubic feet of gas could be produced in the Chukchi Sea area by 2057

Mid-Atlantic

Virginia Oil
  • Virginia – 50 miles offshore
  • Currently, 2.9 million acres have been proposed for exploration
  • That acreage could produce 130 million barrels of oil, according to government estimates
  • A further viability study into broader opportunities available in the mid-Atlantic region has been suggested

Eastern Gulf of Mexico

Florida Oil
  • 2/3’s of the area to be made available for drilling
  • Total area is 76 million acres
  • 1.57 – 2.78 billion barrels of oil is estimated to exist in the area.
  • 6.95 – 9.22 trillion cubic feet of natural gas is estimated to exist in the area

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.