John D. Sloan Construction Law Blog on Lawyers.com

The oil and gas industry is big business in Louisiana. The Louisiana Department of Natural Resources (Technology Assessment Division) reports the following facts about Louisiana oil and gas:

·         State controlled natural gas production (excluding that on the Outer Continental Shelf, or OCS) peaked at 1.36 trillion cubic feet (TCF) in 2008.

·         State-controlled gas production is on a long term decline, decreasing at a rate of approximately 2.7 percent each year.  However, it is thought that the current short term forecast (2009-2014) decline will average about 0.3 percent per year.

·         State-controlled crude oil and condensate production declined to 72.5 million barrels in 2008.

·         State-controlled crude oil production is presently in a long term decline, decreasing at a rate of approximately 3.1 percent per year.  However, it is thought that the current short term forecast (2009-2014) decline will average about .4 percent per year.

·         Through the end of 2008, Louisiana OCS territory produced approximately 88.1 percent of the 17.3 billion barrels of crude oil and condensate in the country, and 80.6 percent of the 170 TCF of natural gas extracted from all federal OCS territories.

·         Currently, Louisiana OCS territory produces 21.0 percent of the oil and 8.2 percent of the natural gas in the U.S., 91.6 percent of the oil obtained in the same, and 72.2 percent of the natural gas produced in the Gulf of Mexico OCS.

·         Louisiana OCS gas production was approximately 1.62 TCF in 2008.

·         Louisiana OCS crude oil and condensate production was estimated to be 375 million barrels in 2008.

·         In fiscal year 2007-2008, oil and gas revenue, including severance taxes, royalties, and bonuses, reached to a high of $1.94 billion.  This revenue made up sixteen percent of state income.

·         In the fiscal year 2008-2009, oil and gas revenue is expected to reach $1.68 billion, or fifteen percent of state income.

Our Texas oil and gas lawyers also represent clients in Louisiana. We have the litigation and negotiation skills necessary when seeking compensation for our clients.  We take pride in our record of verdicts and settlements.  Each one is an instance where we can help a person, not just win a case.  We welcome the opportunity to help you, too. Contact the Sloan, Bagley, Hatcher & Perry Law Firm today.