Industry remains committed to GOM despite low oil prices

For Immediate Release: Wednesday, March 18, 2015
Contact:  Nicolette Nye, (202) 465-8463 or (703) 732-0801, nicolette@nullnoia.org

Industry remains committed to GOM despite low oil prices

Washington, D.C. – National Ocean Industries Association spokesperson Nicolette Nye issued the following statement on today’s Gulf of Mexico offshore oil and gas lease sale:

“The activity in this sale reflects the current oil price downturn, and perhaps regulatory upturn. The price of oil is about half of what it was at this time last year, and the number of bids as well as the number of tracts bid on are also about half of those in last year’s Central sale. The good news is that there were several very large high bids, which demonstrates industry’s continued commitment to investing in the Gulf of Mexico, particularly in deepwater, even in times of low oil prices and more stringent regulation. This commitment in such tough times bodes well for a potential Atlantic 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 325 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.