Why are offshore drilling rigs important today?

Energy needs in the United States increase significantly each year. Therefore, in addition to local consumption, the country seeks to use additional reserves to trade in international markets in order to achieve economic self-sufficiency and energy self-sufficiency. One of the most important sources of energy is offshore oil. In this post, we’re going to talk about the importance of offshore oil. What are offshore oil rigs, what is offshore drilling, how do they install oil rigs, and what are the pros and cons of the offshore drilling process?

Energy field

In 2018, the United States became the world’s largest oil producer, surpassing countries such as Russia, Saudi Arabia and Canada. Thirty – two states in the United States produce crude oil, and of the total oil produced, 15 percent of the offshore wells located in the Gulf of Mexico.

The BOEM Office of Ocean Energy Management oversees 2,287 active oil and gas leases on approximately 12.1 million acres on the Outer Continental Shelf (OCS). By 2020, offshore federal production was 641 million barrels of oil and 882 billion cubic feet of gas. The good news is that while current oil and gas production is high, estimates show that in OCS, there are several undiscovered oil fields with oil drilling potential to produce 68.79 billion barrels of oil and 229.03 trillion cubic feet of gas.

What is offshore drilling?

Drilling at sea or deep sea is a process by which oil is extracted from under the seabed using a mechanical drilling method through a well. Ocean oil platforms conduct drilling as part of an early exploration process. Once oil is discovered, it is extracted using Oceanic oil platforms suitable for drilling at sea. There are many different types of oil drilling technology and infrastructure at sea. The platforms use the steel frame attached to the ocean floor. In addition, drilling rigs often use a mobile structure to drill multiple wells.

Barges, on the other hand, perform best in shallow water, usually less than 20 feet deep. The lower fuselage sinks into the ocean floor and the drilling rig floats towards the drilling site. Jackups work like platforms, but their base and legs are never permanently attached to the ocean bed.

Floats are barges designed to operate in deep water to a depth of 50 feet.

Semi-floating and drilling vessels are floats that do not fix the seafloor but float and can be used to drill in waters as deep as 3,000 meters.

Offshore drilling: pros and cons

There has been much debate about the pros and cons of offshore drilling oil. While many industry supporters emphasize the benefits of oil drilling at sea, some opponents argue that offshore drilling creates more problems than it solves. So what is the reality surrounding these claims? Let’s take a closer look.

Benefits of offshore drilling :

• Higher oil production – If countries rely solely on land exploration and extraction, they lose significant amounts of their oil production mix derived from deep-sea drilling. OCS is an example of how only one Oceanic region accounts for nearly one-sixth of the locally produced oil in the United States. This contributes to the economy through increased returns on oil and natural gas. It also helps the country become more self-reliant and less dependent on other countries.
• Ecosystems – Many people are quick to point out that offshore drilling is destructive to the environment. However, while poorly managed platforms, improper drilling practices and irresponsible material management can adversely affect the environment, there is evidence that marine decks also allow the creation of small ecosystems of birds, fish and marine life.
• More employment – Offshore drilling creates more local jobs in a community. For example, with OCS located between Texas and Florida, many offshore oil platforms have created countless jobs in these states. At the national level, offshore drilling facilities account for new jobs and a continuous flow of job opportunities among working generations. It is not uncommon to see entire cities and communities built around the launch of a new offshore drilling facility.
• Oil prices – With self-sufficiency in oil and natural gas production, there is more supply to curb market demand. This makes it possible to control prices. However, if countries work without drilling at sea, the resulting total production decline will significantly increase the price of fuel and related goods, and will have a domino effect on the cost of living.
• Technology innovations – Offshore drilling creates unique problems because of the complex and challenging environment in which offshore masts have to work. However, this has led to and continues to achieve numerous scientific advances, adoption of technology and innovations.
• Benefits for taxpayers – With significant revenues earned through licenses and leases issued to offshore oil producers, there are infinite possibilities for the use of these funds for the benefit of the taxpayer. Federal royalties obtained for extracted resources enable the state to increase revenues. In 2016, the government generated more than $2.5 billion in revenue from oil-related projects.

Disadvantages of oil drilling at sea:

• Environmental impacts – Offshore drilling actually poses certain threats to the environment. These can be the result of Be hydrocarbons Produced during extraction and materials used in drilling operations. The oil spill has been identified as devastating local plant and animal life. Some oil spills such as the Deepwater Horizon incident affected 15,000 birds, 1,200 fish and 29 mammal species. The oil spill affected about forty-five thousand square miles of water and spilled 4.8 million barrels of oil. In addition, substances such as mercury are often released during extraction, and seismic waves sometimes caused by excavation affect the life of animals and plants. These events and everyday activities have a long-term impact and take years for the environment to return to balance.
• Risk of life and property – The nature of offshore oil rigs carries unique risks. With materials in place, complex processes involved, and the fact that safety, emergency and health care support from the ground is often miles away, increases the risk to workers at offshore drilling facilities. In addition to the immediate threat to life, working on marine decks causes health problems such as respiratory problems caused by air pollutants and reproductive health problems.
• High costs – Since offshore drilling requires special equipment and many restrictions on the construction of facilities in the middle of the sea, the initial costs and maintenance costs of the equipment can be very high. Estimates suggest that a sea rig could cost between $200 million and $650 million, some even up to 1 billion.
• Financial risk – While exploration and drilling processes in offshore drilling are relatively reliable, it is not always guaranteed to yield expected results. Despite the most accurate exploration techniques, certain sites may not produce as much oil as expected and provide easy access to existing reserves. This has both a financial and operational impact, causing a sharp failure of businesses.

Offshore drilling rigs offer huge opportunities to exploit huge natural resources that can be beneficial for a country’s society and economy. However, it is crucial that drilling processes are managed responsibly to ensure sustainability and profitability hand in hand.