Evaluating the Energy Production Potential of the United States Outer Continental Shelf

• Published in: Land economics Vol. 57; no. 1; pp. 77 - 90
• Main Authors: Prato, Anthony A., Miller, Ronald R.
• Format: Journal Article
• Language: English
• Published: Chicago University of Wisconsin Press 01-02-1981
• Subjects: Commercial production; Continental shelf; Economic models; Economic rent; Economic resources; Energy resources; Fossil fuels; Geological surveys; Leases; Natural gas; Natural resources; Offshore; Offshore oil wells; Oil exploration; Petroleum industry; Production; Production estimates; Rental industry; Statistical analysis; Underwater operations
• ISSN: 0023-7639; 1543-8325
• DOI: 10.2307/3145754

The US Outer Continental Shelf (OCS) is a potentially significant source of oil and natural gas. Even though the resource potential is high, vast areas of the OCS remain unexplored. Of the 560 million acres of geologically favorable OCS, less than 6% has been offered by the US Department of the Interior for lease, and only 1.8%, or 10 million acres, is currently under lease. An attempt is made to evaluate the production potential from federal lands that could be leased as part of the new OCS leasing program. The principle results of the study are 1985, 1990 and 1995 production goals for oil and natural gas and an optimized 1982-February 1985 OCS lease schedule from which part of the goals are derived. Maximum efficiency will be obtained by structuring future lease programs as closely as possible to the model presented.