Offshore Lease Threat Leads to Uncertainty

Friday, February 17, 2006
Gov. Kathleen Blanco's threat to block oil and gas leases off the Louisiana coast until the state gets a larger share of the revenue to restore its coast has gotten the attention of Washington, although it's uncertain whether the stand will pay off. According to the Times-Picayune, the Minerals Management Service, which oversees the drilling program, acknowledges that it must seek comments from governors of states in which it plans to bid offshore leasing arrangements. But it's uncertain whether it must honor their objections. The agency would examine any comments from Blanco or other governors but is still likely to proceed with awarding drilling rights off the Louisiana coast. The next round of leases is scheduled for August. A challenge from Blanco could end up in the courts. From there, no one is certain what will happen. Blanco and members of Louisiana's congressional delegation have said they consider a 50-50 split of the revenue a fair allocation that could provide the state with the money it needs to restore the coast and wetlands critical to providing a natural barrier against hurricanes. A combination of natural and man-made forces, including oil exploration, contributed to the loss of wetlands and coastal barriers that can reduce the strength of a hurricane. According to government estimates, Louisiana received $32 million of the $5.7 billion the government earned last year from oil and gas production off Louisiana's shore. (Source: Times-Picayune)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

NJ Congressmen Supports Offshore Wind Proposal

Congressman Frank Pallone has issued the following statement in response to the Department of the Interior’s announcement of the proposed lease sale for nearly 344,

Sembawang Shipyard to Convert 2 FPSOs for Kaombo Project, Angola

Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage Production Offloading (FPSO) conversion contract worth about S$600 million from Saipem SA,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1324 sec (8 req/sec)