Advances in technology, standards and practices in the last five years have made America’s offshore #oil and natural #gas industry safer than ever, #API President and CEO Jack Gerard told reporters on a press conference call today.

As most drilling companies that have rigs without a contract, today, are idling or cold-stacking these rigs, it is estimated that around 140 rigs are heading toward retirement over the next few years as the industry makes way for the newbuilds scheduled for delivery by the end of the decade. Around 360 rigs that are in the current market fleet are more than 30 years old and must be retired at some point.

TAPI faces an uncertain future with the recent oil price fall, ambiguity regarding transit via Afghanistan and an increase in the estimated project cost.

API: Exploratory oil drilling increased 75 percent in Q4

The president’s economic address at Northwestern University celebrated the results of America’s energy revolution but omitted key steps forward, according to API President and CEO Jack Gerard.

Asia buyers say tests may slow take-up of U.S. export oil

API report unveils economic gains from US crude exports

Saipem awarded € 2 billion contract for the South Stream Offshore Pipeline

Erik Milito's remarks at press briefing on LNG exports to U.S. allies