Report: Significant Economic Benefits Seen From Atlantic Oil, Gas Devt

By Karen Boman

Rigzone Staff

Thursday December 05, 2013

Opening U.S. Atlantic waters to oil and gas exploration could create significant economic benefits not only for U.S. Mid-Atlantic coastal states but throughout the United States as well, according to a recent report. Atlantic Outer Continental Shelf (OCS) oil and gas activity could generate from 2017 to 2035 nearly 280,000 jobs throughout the United States, contribute up to $23.5 billion per year to the U.S. economy, create $51 billion in cumulative government revenue from royalties, bonus bids and lease rents, and produce an incremental 1.3 million barrels of oil equivalent per day (boepd) by 2035, according to a recent report conducted by QUEST Offshore Resources Inc. for the American Petroleum Institute (API) and the National Ocean Industries Association (NOIA).

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