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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Blue Angels Resume Schedule

The U.S. Navy Blue Angels will return to its 2016 demonstration schedule July 2-4 in Traverse City, Mich., Commander, Naval Air Forces announced. The Blue Angels temporarily stood down,

People in the News

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Blue Angels Resume Schedule

The U.S. Navy Blue Angels will return to its 2016 demonstration schedule July 2-4 in Traverse City, Mich., Commander, Naval Air Forces announced. The Blue Angels temporarily stood down,

Government Update

Indonesia Bans Ships for Philippines

The Indonesian Government has banned vessels flying Indonesias flag from sailing to the Philippines following the latest hostage incident.   According to a report in AP,

Traffic Separation Schemes off Western Australia

On 1 December 2016 two new Traffic Separation Schemes (TSS) will come into effect off the south-west coast of Western Australia. Australia’s proposal to establish

Austal Delivers LCS 8 to US Navy

Austal Limited (Austal) (ASX:ASB) delivered the future USS Montgomery (LCS 8) to the U.S. Navy, during a ceremony held aboard the ship at Austal USA’s shipyard in Mobile, Alabama, USA on 23 June.

Offshore Energy

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Ulstein Delivers for BS Offshore

The first of two service operation vessels (SOV) ordered in 2015 by Bernhard Schulte Offshore (BS Offshore) and its client Siemens from Ulstein Verft in is now completed,

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1203 sec (8 req/sec)