Business News • MarketWire • Sneak Peek in the Oil & Gas Drilling and Exploration Industry |
Sneak Peek in the Oil & Gas Drilling and Exploration Industry |
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Sneak Peek in the Oil & Gas Drilling and Exploration Industry
JOHANNESBURG, SOUTH AFRICA--(Marketwire - June 4, 2010) - www.rothmanresearch.com - At the end of March 2010, President Obama aimed to boost domestic oil and gas production by lifting a 20-year ban on offshore drilling in certain regions so as to maintain economic growth and help reduce dependency on foreign oil with U.S. energy needs continuing to swell. Even though the new offshore drilling ban-lift came with certain limitations, this political decision was met with stern protests from environmentalists. Ironically, it did not take long for the debate on offshore drilling to take a dramatic momentum with the Deepwater Horizon incident which claimed the lives of eleven crew members and till date is still disgorging oil at estimated rates varying between 5,000 barrels (according to Seattle-based NOAA unit) to 19,000 barrels a day (figure released by Flow Rate Technical Group). The Deepwater Horizon oil spill is already considered as the w
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