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There have been new discoveries and the administration has promised to open up more offshore reserves.
Offshore reserves of petroleum and natural gas had not been exploited by the early 2000s.
Offshore reserves of $43bn, held largely through Bermuda, represent profits from markets outside the US.
But unlike Petrobras, which has discovered huge new offshore reserves at home recently, Petronas faces declining domestic output.
Recent studies suggest Japan's total offshore reserves may be enough to meet its needs for a century.
The Republicans and Mitt Romney have relentlessly accused President Obama of not moving swiftly enough to tap the nations' considerable offshore reserves of oil and natural gas.
Similar(25)
Apart from the hurricane worries, the reason is that offshore reserve life is typically shorter.
Cuadrilla claims that the site it has explored in the Bowland Shale contains 200 trillion cubic feet of gas, more than the UK's known offshore reserve - though only a portion of this would be economically recoverable.
The network includes an offshore reserve (San Jorge Island), and two coastal reserves (Las Conchas and Sandy) (Fig. 1).
The network includes an offshore reserve surrounding an island and two coastal reserves, providing protection to roughly 30% of a fishing sector's fishing grounds (Fig. 1).
As for its resources, joint ventures in Cuba with the nickel and cobalt industries brought in $1.3 billion in 2005, while estimates of offshore oil reserves are at 5 billion barrels and of natural gas reserves at 10 trillion cubic feet.
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