122 



The resource industries have a common in- 

 terest in the clarification of marine bounda- 

 ries and jurisdictions. Although there is no 

 question of U.S. control over minerals pro- 

 duction within the 200-meter isobath, the 

 areas beyond are subject to much uncertainty 

 and controversy. The Commission deems it 

 essential that the present ambiguities which 

 becloud investment in marine-based mineral 

 exploitation be resolved at the international 

 level. Specific recommendations are advanced 

 in subsequent pages. 



Petroleum 



Twenty years from now, it is estimated, 

 world petroleum consumption will be three 

 times present levels. This estimate, with the 

 growing concern about the political stability 

 of some of the Middle East countries which 

 furnish the major supplies of this mineral, 

 has resulted in a mammoth worldwide searcli 

 for oil and gas. Twenty-two countries now 

 produce or are about to produce oil and gas 

 from offshore sources. Investments of the 



Number of Successful New Offshore 

 Wells, by Year 



700 

 600 

 500 

 400 

 300 

 200 

 100 



406 413 



626 618 



1960 1961 1962 1963 1964 1965 1966 1967 1968 1968 



(lirst (est. 

 %) total) 



domestic offshore oil industry, now running 

 more than $1 billion annually, are expected to 

 grow an average of nearly 18 per cent per 

 year over the coming decade. Current free 

 world offshore oil production is about 5 mil- 

 lion barrels per day or about 16 per cent of the 

 free world's total output. Although the devel- 

 opment of alternative energy sources, par- 

 ticularly oil shale and tar sand, may place 

 a limit on its growth, the offshore oil industry 

 generally is expected to continue to grow and 

 to account for at least 33 per cent of total 

 world oil production in 10 years. 



All commercial quantities of offshore pe- 

 troleum to date liave been produced from 

 wells in waters 340 feet deep or less. Explora- 

 tory wells have been drilled in water depths 

 of 1,300 feet and leases have been taken to 

 1,800 feet. But petroleum may occur wherever 

 sedimentary sequences are found. Within the 

 continents and their shelves and slopes, these 

 sedimentary strata accumulate to thicknesses 

 of at least 5 to 6 miles. Conversely, the deeper 

 ocean basins generally have thinner layers of 



Record Water Depths for Producing and 

 Exploratory Weils 



SoHRCE : American Petroleum Institute. 



Source : Richard J. Howe (Esso Production Research Co.), 

 "Petroleum Operations in the Sea — 1980 and Beyond." 

 Ocean Industry^ August 1968. 



