Senate Reaches Deal on Offshore Drilling

Thursday, July 13, 2006
Senators who want to open new areas of the Gulf of Mexico to oil and gas production heralded came to a compromise. The agreement was supported by a key Florida senator, Republican Mel Martinez, who previously had vowed to block anything he perceived as a threat to the state's multimillion-dollar beach-related tourism industry. The deal, promoted by Senate Majority Leader Bill Frist, R-Tenn., and several Gulf Coast lawmakers, would open an 8 million-acre segment of the eastern Gulf of Mexico to production while barring drilling within 125 miles of the Florida coastline.

Drilling proponents say the new area that would be open to production contains more than 1 billion barrels of oil and more than 5 million cubic feet of natural gas.

The Senate's plan also would give the oil-producing states of Texas, Louisiana, Alabama and Mississippi a share of the royalties generated from the new production.

Martinez promised the agreement would protect Florida's shoreline. Currently, drilling is banned in the waters off Florida and the nation's Atlantic and Pacific coasts. The compromise announced Wednesday would keep that moratorium in place until 2022 in all areas except the western Gulf, which has never been off limits to drilling, and a new area in the eastern Gulf. But Sen. Bill Nelson, D-Fla., said he was worried that the House won't accept the Senate's plan, which is far more modest than a House bill approved last month. The House's bill would allow all coastal states to decide whether to allow oil and gas exploration off their shores and give them a share of royalties from new drilling. Frist said he would try to persuade House Speaker Dennis Hastert, R-Ill., to replace the House bill with the Senate's plan. Source: USA Today

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Resolve Maritime Academy's New Wet Trainer Facility

Resolve Maritime Academy says it has started on the construction of a new, two-story wet trainer, larger and more expansive than its original, the L/V Gray Manatee.

Bollinger Fourchon: 13 Years Without a Lost Time Accident

Bollinger Shipyards, Inc. announced that their Bollinger Fourchon, L.L.C. facility has worked 13 years without a lost time accident. Building on a philosophy that starts at the top,

Messer's CEO Norville Announces Retirement

Bill Heller to assume the position as Messer Cuttings Systems’ President and CEO Gary Norville started at Messer Cuttings Systems Inc. in September 1980 selling and installing cutting machines.

Offshore

New Standard gets Revised Program for Cooper Basin Approved

New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program,

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1813 sec (6 req/sec)