Hibernia Oil Rig Essay
The economy aspect of oil exploration and development obviously has major benefits, but we can not over look the disadvantages. With a new industry in the east coast, more revenue is generated from this, creating a stronger region than it was before. With this new revenue, surrounding towns and communities are able to use this money for the development of other industries and also to improve the standard of living of the people in the region. The Hibernia Oil field "contains approximately three billion barrels of oil in-place and recoverable reserves are estimated to be at around 615 million bbl" (The Website for the Offshore Oil & Gas Industry). In just one minute Hibernia oil rig is capable of drilling 110 barrels of oil, in 24 hours this accumulates to more than $3 million dollars. With this much money being generated by one oi
Since the oil rig is only expected to last 20 years, the employees of this place will have no where to go when their livelihood becomes non-existent. Unlike the fishing industry, oil exploration is larger and generates more income. If the region become extremely successful and wealthy from these oil rigs, what will happen to the economy when the fields run out of oil. l rig, imagine the possibilities for the entire field. As well, if the oil rig idealistic fails, what it might mean for the workers of the region would be long-term unemployment. When the oil rigs close not only will they find themselves without means of supporting themselves, they will also be chronically ill and possibly dying in the hospital. Not to mention the irreversible affects it would have on the fish and water ways of the East Coast, thus hurting the all ready depleting fish stocks. The impact from this decrease will be far more devastating than that of the fishing industry decrease. Especially considering they will put all there time into this industry when the Hibernia oil field "life is expected to be 20 years" (The Hibernia Reservoir) Before the east coast makes any major discussions concerning this, they have to be aware of the future damages to their economy. Like many things, the immediate benefits of oil exploration can outweigh to long term affects. Many people will be have to find other means of supporting themselves. If they fail to do so, in the years to come, they will be worst of then they were when they started oil exploration and development in the east coast. This much profit for a financially struggling and desperate region is a lot to ignore. If the east coast plans on further follow through with the oil exploration and development plan then they have to secure themselves from these potentially devastating situations. The exploration and development of oil rigs is a big risk to take for a struggling region.
Common topics in this essay:
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,
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means supporting themselves,
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