Oceans as a Source of Hydrocarbon Energy

Abstract

Oceans and seas are known to contain vast amounts of offshore oil and natural gas. In 2015, offshore oil contributed to about 32% of the global oil production and offshore gas contributed to 31% of the global production of natural gas in 2016. Continued exploration and production of offshore oil and gas are therefore important for sustainable energy security. This chapter examines the role of oceans as a source of hydrocarbons. Various aspects or harnessing offshore hydrocarbon energy sources from the oceans are presented. The history of offshore oil and gas production, exploration, production, specialized vessels used and the economics of offshore oil and gas extraction are discussed. Methane hydrates which are found under the ocean floor is examined as a potential source of energy, and some of the technological challenges involved in its extraction are evaluated. Extraction of offshore energy resources leads to environmental degradation, and some of the risks associated with offshore oil and gas production such as oil spills are highlighted with examples of accidents on offshore platforms and oil tankers at sea. Energy resources in the Arctic region are attracting global attention as they are estimated to have large oil and gas reserves, and its dynamics are discussed as a special case of offshore energy supply.