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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Keppel Delivers Jackup to UMW-OG

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG).

Rapid Oil Spill Response Vessel Launched

Western Canada Marine Response Corporation (WCMRC) launched their newest oil spill response vessel in Burrard Inlet. The boat, named after former employee George Penman,

Greek Coast Guard Seizes Weapons Ship Bound for Libya

Greek authorities have seized a freighter carrying an undeclared shipment of weapons en route from Turkey to Libya, coast guard officials said on Wednesday. A

News

Five Chinese Ships in Bering Sea as Obama Visits Alaska

Five Chinese Navy ships are sailing in international waters in the Bering Sea off Alaska, the Pentagon said on Wednesday, in an apparent first for China's military that came as U.

White House: No Threat from China Navy Ships in Bering Sea

The Pentagon has not detected any threatening activity from the Chinese navy vessels in the Bering Sea, the White House said on Wednesday.   "Based on their analysis

Recent Vessel Sales - August 2015

Vessel sales for August 2015 (as of September 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age)

People in the News

Five Chinese Ships in Bering Sea as Obama Visits Alaska

Five Chinese Navy ships are sailing in international waters in the Bering Sea off Alaska, the Pentagon said on Wednesday, in an apparent first for China's military that came as U.

USCG Rescues Unconscious Boater

The Coast Guard rescued an individual from a marsh flat in Barataria Waterway located approximately six miles north of Grand Isle, Tuesday. Coast Guard Sector

Drilling Down into Risk Management

Afloat or ashore, we cannot eliminate risk, but it can be sensibly managed to a tolerable level. It begins with a hypothetical, but worryingly authentic, tale

Government Update

Five Chinese Ships in Bering Sea as Obama Visits Alaska

Five Chinese Navy ships are sailing in international waters in the Bering Sea off Alaska, the Pentagon said on Wednesday, in an apparent first for China's military that came as U.

White House: No Threat from China Navy Ships in Bering Sea

The Pentagon has not detected any threatening activity from the Chinese navy vessels in the Bering Sea, the White House said on Wednesday.   "Based on their analysis

Oakland Terminal Operators Propose Off-peak Hours

Marine container terminal operators at the Port of Oakland are developing a program to operate their terminal gates on Saturdays to reduce weekday congestion at the port.

Offshore Energy

Keppel Delivers Jackup to UMW-OG

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG).

Subsea 7 Bags $150 million Offshore UK Contract Maersk

Offshore contractor Subsea 7 has been awarded a $150 million subsea, umbilical, riser and flowline (SURF) contract by Maersk Oil for the development of the Culzean field in the UK North Sea.

SMOE Wins $1bln Multi-platform Culzean Contract

Singapore's offshore services provider Sembcorp Marine has won an engineering, procurement and construction (EPC) contract worth over USD1 billion for the Culzean

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar 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: 0.7435 sec (1 req/sec)