IAGC President Applauds API and NOIA for Study on Economic Benefits of Atlantic Offshore Oil and Gas Development

12/06/2013

HOUSTON, TX--(Marketwired - Dec 6, 2013) - International Association of Geophysical Contractors President Chip Gill today issued the following statement on the joint API and NOIA commissioned study on the economic benefits of increasing access to offshore oil and natural gas in the Atlantic:
"IAGC applauds API and NOIA on the release of this most important and relevant report. There is no doubt that opening the Atlantic outer continental shelf (OCS) to oil and gas exploration would be a significant economic benefit not only to the states' economies of Virginia, North Carolina, South Carolina, Georgia and Florida, but also to the US economy as a whole. The report, conducted by Quest Offshore Inc., provides needed information for policymakers as they address the issue of Atlantic OCS oil and natural gas exploration. Included in the economic benefit to the states and the federal government is seismic data acquisition and processing -- which is an integral part of the exploration process. The last surveys of the Atlantic OCS were conducted 30 years ago. New seismic surveys -- utilizing modern survey technology -- are necessary in the Atlantic to update old estimates, allowing our government to make informed policy decisions about the next steps."
About IAGC
IAGC is the international trade association representing the industry that provides geophysical services (geophysical data acquisition, seismic data ownership and licensing, geophysical data processing and interpretation, and associated service and product providers) to the oil and gas industry.
More information on IAGC and the geophysical industry can be found at http://www.iagc.org and http://geophysicsrocks.com.