Sable Offshore Corp. reportedly estimates that once the Santa Ynez Unit platforms are operating, they will produce an estimated 28,000 barrels of oil a day. The Santa Ynez Unit has three offshore platforms — Hondo, Harmony, and Heritage — located in federal waters a few miles off the coast. These platforms are 36 to 49 years old, and last operated in 2015.
Why do we need the Santa Ynez Unit’s oil production? In two days, Texas produces more oil than these platforms could produce in a year. Besides, oil can be produced in Texas’s Permian basin for $31-$34 per barrel while California offshore oil costs $36-$49 per barrel.
Restarting this project has a high risk of failure and makes no economic sense for California.
