Bottlenecks in oil and gas plan and permit approval activity in the Gulf of Mexico (GOM) since 2010’s Macondo well disaster are costing some $44 billion in U.S. gross domestic product and 230,000 jobs, according to a new IHS CERA/IHS Global Insight study. […]
The study examined plan and permit activity levels in the six months since the lifting of the moratorium in the GOM in October, 2010. The analysis found:
* 86 percent decline in the pace of regulatory approvals for plans
* 38 percent increase in the time to reach each regulatory approval for plans
* 250 percent increase in the backlog of deepwater plans pending approval (from an average of 18 per year to a current pace of 67 per year)
* 60 percent decline in drill permits (combined shallow water and deepwater)
h/t Adrian