Western Gulf Sale 238 Shows Commitment to U.S. Economy & Energy Security

For Immediate Release: Wednesday, August 20, 2014

Contact:  Nicolette Nye, (202) 465-8463, nicolette@nullnoia.org

 

Western Gulf Sale 238 Shows Commitment of Both Government and Industry

to U.S. Economy and Energy Security

Washington, D.C. – National Ocean Industries Association President Randall Luthi issued this statement following Western Gulf Lease Sale 238 today:

“Today’s sale is a typical Western Gulf sale, and while it included some healthy bidding, it was not expected to fetch the eye popping bids that typically accompany a Central Gulf sale. That said, this sale is important in many aspects. Current Federal policies allow sales on only about 13 percent of the Outer Continental Shelf, so every sale is important. Each sale shows a commitment by the United States to continue to provide the opportunity, however limited, to develop offshore oil and natural gas. Today’s sale also demonstrates the continued commitment of the U.S. oil and natural gas industry to invest hard to find exploration dollars in areas that have been sold and resold again. With so many other countries opening up new promising areas, it is a testament to the oil and gas industry that so many have decided to try and keep jobs and investment here at home. This sale allowed many of the smaller exploration and production companies to successfully compete for leases in both deep and shallow water, keeping a diversity vital to the overall energy and jobs portfolio of the United States. Lastly, this sale also reaffirms the industry’s great interest in deep water prospects in the transboundary area.”

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ABOUT NOIA

NOIA is the only national trade association representing all segments of the offshore industry with an interest in the exploration and production of both traditional and renewable energy resources on the nation’s outer continental shelf.  NOIA’s mission is to secure reliable access and a fair regulatory and economic environment for the companies that develop the nation’s valuable offshore energy resources in an environmentally responsible manner. The NOIA membership comprises more than 300 companies engaged in business activities ranging from producing to drilling, engineering to marine and air transport, offshore construction to equipment manufacture and supply, telecommunications to finance and insurance, and renewable energy.