Modern technology needed to estimate US Atlantic reserves says IHS CERA

Following US President Barak Obama’s announcement yesterday regarding the prospective sale of oil and gas exploration leases offshore of the US Atlantic, IHS Cambridge Energy Research says that continental shelf could hold 3.8 Bbbl of oil and several trillion cubic feet of gas.

Apr 1st, 2010

Offshore staff

CAMBRIDGE, Massachusetts – Following US President Barak Obama’s announcement yesterday regarding the prospective sale of oil and gas exploration leases offshore of the US Atlantic, IHS Cambridge Energy Research says that continental shelf could hold 3.8 Bbbl of oil and several trillion cubic feet of gas.

IHS CERA cautioned that the estimates are preliminary and are based on historic drilling data from the Baltimore Canyon Trough southeast of Atlantic City, New Jersey, 10 wells drilled off New England in the Georges Bank areas, and seven wells offshore Georgia and northeast Florida.

Because there is no recent exploration data available, IHS CERA says the area should be considered a pioneer province requiring modern geophysical and exploration analysis and thus could take seven years to see first production.

04/01/2010

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