NOIA President Supports Energy Exploration, Development

MarineLink.com
Tuesday, July 23, 2013

During the testimony today at a Senate Energy and Natural Resources Committee hearing on offshore energy revenue sharing, National Ocean Industries Association (NOIA) president Randall Luthi urged Congress to take the next step in enhancing America’s energy security, energy reliability and American jobs by increasing access to the Outer Continental Shelf (OCS) for energy exploration and development.

“Only by providing additional oil and natural gas lease sales in more of the OCS can this theoretical revenue sharing become reality. The two policies are inextricably linked – revenue sharing and access,” Luthi testified.

The hearing focused specifically on the Fixing America’s Inequities with Revenues Act (FAIR Act). Among other things, the FAIR Act would provide 37.5% of revenues to all offshore energy producing states, move the date on which revenue is shared with energy producing Gulf coast states from 2017 to 2014, and phase out the current cap on revenue sharing for these states. The bill establishes a formula for the sharing of offshore revenues between state and federal governments. However, NOIA believes the bill’s revenue sharing formula alone is only part of the equation to providing more revenue and additional energy security for America.

“Right now there are no revenues coming from offshore oil and natural gas development in 85% of the OCS. The Federal government is receiving 100% of nothing. Under the formula in this bill, and assuming lease sales in new areas, the Federal government would receive 62.5% of something,” said Luthi. “Only in Washington, D.C. do we think receiving 100% of nothing is better than receiving 62.5% of something. I am not an economist, but I prefer some revenue to no revenue.”
Federal policies effectively ban exploration in over 85% of our Outer Continental Shelf (OCS), leaving less than 15% of the OCS available for oil and natural gas exploration and development. If the entire OCS were opened, it is estimated that the offshore industry would sustain 1.2 million new jobs over the next 30 years and generate an additional $1.3 trillion in new revenues.

“Allowing coastal states to share in the future revenue generated off their coasts makes good common sense and, pardon the pun, also makes good dollars and cents,” said Luthi. “Actually, sharing revenue creates potentially billions of dollars for state and federal treasuries.”

noia.org
 

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

Energy

Turkey Approves EIA Report for South Stream’s Offshore Section

The Ministry of Environment and Urban Planning of Turkey approved the Environmental Impact Assessment (EIA) Report and issued a positive opinion of the EIA results

Iain Conn to Leave BP

BP today announced that Iain Conn, Group Managing Director and Chief Executive, Downstream, is leaving the company and is to step down from BP’s board by the end of the year.

Rosneft Produced 1st Lot of Fischer Tropsch Synthesis Catalysts

Rosneft has proved its leadership in national GTL (gas-to-liquid) technologies development. First pilot batches of Fischer Tropsch synthesis catalysts have been

News

USCG Leadership Development Center Change of Command

The Coast Guard’s Leadership Develop Center will have its first change of command ceremony Thursday, July 31 at 11 a.m. in front of Yeaton Hall at the U.S. Coast Guard Academy in New London, Conn.

6 MW Offshore Wind Turbine of Siemens Certified

Siemens Energy has obtained type certification of DNV GL for the company's innovative D6 offshore wind turbine. The model Siemens SWT-6.0-154 is equipped with a modern direct drive generator,

Turkey Approves EIA Report for South Stream’s Offshore Section

The Ministry of Environment and Urban Planning of Turkey approved the Environmental Impact Assessment (EIA) Report and issued a positive opinion of the EIA results

People in the News

Danish Bunker Trader Joins GAC in London

GAC Bunker Fuels says it has appointed former GAC Denmark Shipping Assistant Ida Ryberg as a Bunker Trader with its UK team. Ryberg joins Andy Boichat and Resham

Crowley Christens New DP2 Tugboat 'Ocean Sky'

Crowley Maritime Corp. says that the third of four tugboats in the Ocean-class series, 'Ocean Sky' has been christend  in Houston.  The ceremony served to formally

UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop,

Government Update

UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop,

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Offshore Energy

Gulf Island Fab Sign Bechtel Offshore Cooperation Agreement

Gulf Island Fabrication, Inc. says it has signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to work together to pursue opportunities for offshore projects for the U.

UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop,

Farstad Offshore Vessel Squadron Chartered Out

Farstad Shipping ASA reports the following charter contracts, with a total value (including options) of approximately NOK 1.75-billion, as follows: Inpex has awarded

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Simulators 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: 0.1306 sec (8 req/sec)