The offshore oil and gas industry is a long and winding line of work that’s been a staple for the global economy for quite some time. It’s a profitable industry in many countries such as the United States, China, and especially Singapore.
Here are a few fun facts you can discover about the offshore oil and gas industry!
1. Oil and gas are two major sources of the world’s energy in the 21st century. This is the reason why the offshore gas and oil production industry is still as important as ever.
2. Offshore production began during the 1940s in Louisiana, United States. As time moved on, so did technology which allowed the industry to expand to deeper waters.
3. In 1949, there were over 11 oil fields in the Gulf of New Mexico with another 44 exploratory wells in the process. Since then, 16,00 wells have been drilled in deeper waters from far off the coast.
4. During the 1960s, the offshore oil and gas industry faced numerous environmental problems. Increasingly dangerous storms and water depths have harmed the safety of many works, thus prompting the need for technological innovations.
5. In the 1980s, the demand for gas and oil has reduced. However, technological advancements continued to push forward despite reduced demands.
6. In the year 2000, almost 30% of gas and oil production comes from offshore development. It was during this time that the industry began to prove the importance of offshore exploration and development.
The industry of offshore gas and oil production has certainly come a long way from its inception in America to its worldwide expansion. Fortunately, the offshore oil and gas industry continues to find ways on how to improve its expansion methods.
Want to know more about the industry? Check out MOPU, a private company for oil and gas production needs.
