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August 28, 2015

Atlantic Oil and Gas Estimate Rises

Recent estimates of offshore oil and gas reserves on the Atlantic continental shelf have increased dramatically, according to updated analysis from the Bureau of Ocean Energy Management.


Source: Bureau of Ocean Energy Management graphic

The bureau increased its mean estimates for technologically recoverable oil by 43 percent to 4.72 billion barrels of oil. Gas estimates increased 20 percent to 37.51 trillion cubic feet of gas. The increase resulted from improved data techniques and new correlations to geologically analogous African formations.

Following an ardent push by the oil industry and some lawmakers, the bureau last month signaled it would consider opening the Atlantic for exploration in its next five-year lease plan, from 2017 to 2022 and is accepting comments through the end of July.

The bureau Friday announced its decision to accept applications for seismic testing to search for oil and gas reserves in the Atlantic.

Some New England lawmakers have objected to the surveys and drilling citing fear of potential impact to fishing and tourism.

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