Gulf Lease Sale Shows Industry Commitment Despite Market, Regulatory Realities

For Immediate Release: Wednesday, August 16, 2017
Contact: Nicolette Nye, (202) 465-8463, nicolette@nullnoia.org

Gulf Lease Sale Shows Industry Commitment Despite Market, Regulatory Realities

Washington, D.C. – National Ocean Industries Association (NOIA) President Randall Luthi issued the following statement following today’s Gulf of Mexico Lease Sale 249:

 “While the results of today’s Gulf of Mexico oil and gas lease sale reflect market realities, they also demonstrate the offshore oil and gas industry’s commitment to the U.S. Gulf of Mexico, even with extended low commodity prices and lingering regulatory dysfunction.  Industry has continually demonstrated a commitment to providing tremendous economic and energy benefits for our nation, despite the fact that unwise energy policies have closed over 94% of U.S. offshore areas to leasing and exploratory activities.  Offshore lease sales in the Gulf of Mexico contributed $80 billion to the U.S. Treasury between 2005 and 2014 alone. Responsible offshore oil and gas development is critical to America’s economic and energy security. We applaud the companies who submitted bids today and congratulate the Bureau of Ocean Energy Management on a successful sale.”

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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 275 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.