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Offshore Natural Gas Drilling Economic Impact in South Carolina

This article discusses the limited direct economic impact and uncertain potential for economic growth through royalty payments from offshore natural gas drilling in South Carolina. It also highlights the actions taken by Virginia in relation to offshore drilling rights.

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Offshore Natural Gas Drilling Economic Impact in South Carolina

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  1. SC Department of Commerce • “Offshore natural gas drilling will not likely have a significant, direct economic impact in terms of new jobs and capital investment in SC” • “It is undetermined whether potential royalty payments would foster economic growth”

  2. Oil & Gas Reserves(MMS Estimates) • Atlantic Region • Oil - 3.82 billion barrels = 6+/- month supply • Natural Gas - 36.99 trillion cubic feet = < than 2 years supply • South Carolina • Oil – 14 million barrels = 16 hour supply • Natural Gas – 3.6 trillion cubic feet = <3 month supply

  3. What’s Happening in Virginia? • In 2006, Gov. Kaine of Virginia signed a bill supporting federal efforts to determine how much natural gas exists 50 or more miles off the Atlantic coast. • But Delacey Skinner, Kaine's communications director, said the Bush administration's proposed review goes beyond what Kaine had requested. She said the administration appears to be preparing for a "carte blanche leasing out of drilling rights." • "The state's official position . . . was we asked for a narrow lifting of the moratorium that was targeted specifically for exploratory drilling for natural gas only," Skinner said. "In that sense, this is significantly different from what Virginia was seeking." • Skinner added, "There are a number of issues that Virginians would like to see resolved before anyone moves forward with something this sweeping."

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