Posted on July 24, 2020, 14:06
Peter Stark and EPRINC Fellow Raphael Sandrea have published this piece, entitled “Deepwater Oil Exploration in the Gulf of Mexico: A Spatial Model Provides Clues for Undiscovered Potential.”
Sandrea and Stark bring long experience and unique expertise in evaluating the resource potential of geologic basins worldwide. Their paper on the isoOIP model demonstrates how simple and inexpensive decision support tools can continue to contribute to cost effective development of the nation’s oil and gas resources.
Oil and gas development throughout the U.S. outer continental shelf (OCS) provides a large portion of the nation’s oil and gas supply. Oil and gas reservoirs are found under the sea in both state and federal lands offshore from Louisiana, Texas, California, and Alaska. However, it is the resources located in the Gulf of Mexico that have proved the most prolific. According to the Energy Information Administration, Gulf of Mexico federal offshore oil production accounts for 17% of total U.S. crude oil production. In calendar year 2019, the U.S. Department of Interior reported that bonus bids, rents, and royalties from offshore oil and development generated over $5 billion USD in revenues to the U.S. Treasury.