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Thursday, March 9, 2017
Release
RPSEA Provides Department of Energy Benefits of 10 Year Oil & Gas Research Program
Results provide $150 billion in contributions to U.S. economy and set stage for
future research
March 8, 2017
Houston — More than 170 projects managed by the Research Partnership to Secure Energy for America (RPSEA) generated over $150 billion in direct economic value from jobs, royalties and revenue, and yielded over $40 billion in environmental damage mitigation, the organization announced today. The economic findings were outlined in a report provided by RPSEA to the U.S. Department of Energy (DOE) as part of its Ultra-Deepwater and Unconventional Natural Gas and Other Petroleum Resources Research Program, established pursuant to Title XI, Subtitle J, Section 999 of the Energy Policy Act of 2005 (EPAct).
RPSEA conducted the research in three program areas: ultra-deepwater architecture and technology, unconventional natural gas and other petroleum resources exploration and production technology and technology challenges of small producers. Within the three research areas, RPSEA successfully managed 170-plus projects utilizing $350 million for the DOEs National Energy Technology Laboratory (NETL).
The projects, several of which are already commercial, have resulted in improved safety, reduced environmental risk and increased energy security, RPSEA President Tom Williams said.
We are very proud of the success that RPSEA has achieved in providing commercially applicable technology enhancements to improve safety, environmental performance and overall productivity, Williams said. RPSEAs work has provided the nation with tremendous results with return on investment that helped the U.S. become the global leader in oil production.”
Williams added: Our report documents the most successful public-private partnership for oil and gas research and development in the U.S. and lays the foundation for future endeavors to build upon this success. As RPSEA moves into the next phase of this partnership, we are well-positioned to tackle the greatest challenges facing the oil and gas industry and ensure the U.S. will have a vibrant commercial energy future for years to come.
RSPEAs final report identified several areas where additional research can result in significant positive impacts on U.S. oil and gas exploration and production. Onshore projects may include:
Offshore projects, meanwhile, may address:
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