NOIA Statement on GOM Lease Sale 253

For Immediate Release: Wednesday, August 21, 2019
Contact: Nicolette Nye, (202) 465-8463,  nnye@nullnoia.org

NOIA Statement on GOM Lease Sale 253

 Washington, D.C. National Ocean Industries Association (NOIA) Vice President of Communications and Member Development Nicolette Nye issued the following statement following today’s Gulf of Mexico Lease Sale 253:

“The somewhat modest results of lease sale 253 reflect the cautiously optimistic attitude of an offshore industry still in recovery.  While companies have improved the efficiency of their operations and rig rates and supply chain prices are more competitive, oil prices remain flat. Bidding activity today may reflect the slower than desired improvement in prices. There is also uncertainty surrounding pending regulatory actions such as financial assurance and fair market valuation.

“Deepwater and ultra-deepwater tracts drew high interest in this sale but shallow water tracts also proved to be attractive. Overall, todays’ sale demonstrates that the offshore oil and gas industry remains committed to the U.S. Gulf of Mexico. Each newly leased block represents a chance for further exploration, development and economic and energy opportunity.  The U.S. Gulf of Mexico will continue to be a vital part of America’s economic and energy future.”

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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 nearly 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.