"The federal government wants to renew oil exploration in federal waters off the coast of California, according to reports in The Washington Post, Politico and The New York Times, reviving a controversial idea initially floated by President Donald Trump late in his first term. Official approval to let private companies try to tap into a reserve off the coast of Santa Barbara which federal studies have estimated to be about 5 billion barrels of oil and 7 trillion cubic feet of natural gas"
"A key hurdle, according to Newsom and others, is money. The economics of deep water exploration and drilling could be prohibitive, according to state and federal agencies that looked at the idea in 2020, when Trump first proposed it. Unlike the Gulf of Mexico, where oil can be pulled out of shelves in comparatively shallow waters, the biggest remaining reserves off California are believed to be 1,000 feet or deeper."
Federal officials plan to renew oil exploration in federal waters off California, targeting a reserve off Santa Barbara estimated at about 5 billion barrels of oil and 7 trillion cubic feet of natural gas. The Interior Department could authorize private companies to pursue deep-water tapping as soon as this week. The proposal provoked strong opposition from California politicians and environmental advocates. Gov. Gavin Newsom vowed any effort would be dead on arrival. Deep-water exploration faces high costs because the largest reserves lie about 1,000 feet or deeper. California’s regulatory climate and historical opposition to offshore drilling further reduce project feasibility.
Read at www.ocregister.com
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