NOIA Weighs in on GOM Lease Sale

Posted by Greg Trauthwein
Thursday, March 20, 2014

National Ocean Industries Association President Randall Luthi issued the following statement following today’s Gulf of Mexico offshore oil and gas lease sales:


 
"Today's sale results reflect the state of the offshore oil and natural gas industry.  Industry’s consistent commitment to the Gulf of Mexico is evident, which is remarkable given the relative ease of producing oil and natural gas onshore, the expansion of competing offshore programs in other countries and some continuing regulatory uncertainty here at home.



“In spite of these factors, industry has not given up on the Gulf of Mexico, and NOIA members led the sale in the amount of bids and high bids.  Deepwater continues to lead, but today’s bidding also showed that the shelf is still worth pursuing.  The majors demonstrated once again that they have the revenue to invest in the deepwater frontier areas, and smaller operators also showed they are serious investors on the shelf as well as in deepwater and are in the GOM to stay.
 


“NOIA congratulates the high bidders in the sale, and we applaud the efforts of our member companies who continue to supply the United States with good paying jobs, reliable and affordable energy, and help our country lead in energy development.  NOIA further congratulates BOEM on conducting another successful GOM sale."

 

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