Gulf of Mexico Lease Sale 251 Reaffirms State of Recovering Industry

For Immediate Release: Wednesday, August 15, 2018
Contact:  Nicolette Nye, (202) 465-8463, nicolette@nullnoia.org

Gulf of Mexico Lease Sale 251 Reaffirms State of Recovering Industry

Washington, D.C. National Ocean Industries Association (NOIA) President Randall Luthi issued the following statement following today’s Gulf of Mexico Lease Sale 251:

“While not a barn burner, Lease Sale 251 tops the previous Gulf sale in terms of increased participation, increased competition for offerings, and bid amounts.  In addition, bidding activity demonstrates both continued interest in deepwater tracts and renewed interest in shallow water tracts.

“The operating environment in the U.S. Gulf of Mexico shows tangible signs of improvement pointing to an industry that is poised to shift into high gear; oil prices are higher, revisions to overly burdensome regulations are in the works, rig rates and supply chain prices are more competitive, and companies have improved the efficiency of their operations. The results of today’s sale reaffirm the paradoxical state of an offshore energy industry in slow recovery mode; the future is bright, but shifting out of reverse takes time.”

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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 about 250 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.