No one knows for sure what will happen to the U.S. offshore oil and gas sector under the Biden administration, but any deviation from today’s baseline is likely to impact potential revenue.

That is according to analysis from the global research firm Wood Mackenzie. The firm looked at how four scenarios could impact production for the Gulf of Mexico (GoM) and Alaska based on statements that the Biden administration would not issue new permits on federal lands and waters: no new leasing, no exploration wells, no new development wells and the worst-case—highly unlikely—scenario, a federal production shutdown.

Talk briefly turned to challenges facing the offshore sector with a change of administration during the Nov. 11 OTC Live virtual event, which focused on frontier basins and emerging offshore areas.

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