How do you buy an oil rig? - 2015-07-02 - Quality Magazine Fundamentals Explained

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Given that the Offshore Technology Conference is taking place, we have actually been going over offshore quite a bit this week, and I thought I would explore how overseas drilling works. Being geographically near the Gulf of Mexico (Go, M), I'm going focus my attention there. Our recent analysis of top oil producing and leading gas producing counties included some huge overseas locations.

Drilling company prepared to buy several rigs from Fredriksen's Seadrill

Recently The Lower Tertiary in the Go, M has remained in the news with substantial potential 15 billion barrels of oil. Compare that to EIA approximated 29 billion barrels in reserve onshore US, and you have a terrific exploration chance. To Explore and Produce offshore you need a platform (usually referred to as a rig) from which to drill wells, extract item, and in a lot of cases store the oil or gas till it can be transported to refineries or other locations.

The Best Guide To Half a million Gulf of Mexico acres leased for offshore oil drilling

Thanks, Terry!] Where to drill The Geology of the Go, M is mostly Jurassic and Cretaceous, when the basin motivated collection and evaporation of sea water, leaving build-ups of Salt and Gypsum, which then domed and caught abundant hydrocarbons. Source:  How are leases structured? The Submerged Lands Act (SLA) of 1953 grants private States rights to the natural deposits of submerged lands from the shoreline to no greater than 3 nautical miles (5.

Maersk Drilling Sells Two Jack-Up Rigs to New

The only exceptions are Texas and the west coast of Florida, where State jurisdiction extends from the coastline to no greater than 3 marine leagues (16. 2 km) into the Gulf of Mexico. Source: https://www. boem.gov/ Federal-Offshore-Lands/ State and federal ownership of the seabed: Source: https://en. wikipedia.org/wiki/File:Offshore, Ownership, Borders. jpg Beyond the state borders in the Go, M there are Offshore Reach Areas that are more subdivided into blocks that increase for bid from the federal government.