Trump's huge offshore drilling plan unlikely to spark a 'gold rush' [CNBC]
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Source: CNBC
show chapters The Trump administration made waves on Thursday by announcing it will open virtually all federal offshore waters to oil and gas drilling. But it's not yet certain whether drillers have much interest in dipping their toes into uncharted waters. New offshore drilling projects can take up to a decade to develop and cost billions of dollars. Interior Secretary Ryan Zinke is proposing the biggest ever lease sale at a time when oil prices remain in a range that makes new offshore developments a questionable prospect. The proposal puts 90 percent of the U.S. outer continental shelf on the block, including the Atlantic, Pacific and eastern Gulf of Mexico, areas where the government hasn't offered leases since the 1980s. In some cases, the seismic data on oil and gas reserves beneath the waters is 30 years old. In the current commodity pricing environment, I don't see a lot of appetite on laying down new infrastructure. -Imran Khan, Woo
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