IADC Comments on Federal Offshore Leasing Program, Expresses Disappointment with Exclusion of Arctic

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IADC Comments on Federal Offshore Leasing Program, Expresses Disappointment with Exclusion of Arctic

Houston, Texas (November 18, 2016) – In response to the release of the U.S. Department of the Interior’s 2017-2022 Outer Continental Shelf Oil & Gas Leasing Program, IADC President Jason McFarland issued the following statement:

“By failing to include the Arctic in the 2017-2022 Outer Continental Shelf Leasing Program, the outgoing Administration has proven that it is not interested in growing an industry that provides both jobs and economic benefits for all Americans. IADC members are disappointed that all areas outside of the Gulf of Mexico are excluded from the plan, as it signals a missed opportunity to supply more jobs and strengthen energy independence for the U.S.”

“According to the US Geological Survey, the Arctic is believed to contain 13% of the world’s yet to be found oil and 30% of the yet to be found gas. Arctic reserves are estimated at more 90 billion barrels of oil and 1,669 trillion cubic feet of natural gas. It’s also important to note that Arctic drilling has been successfully undertaken by several Arctic coastal nations, including Canada, Norway and Russia.”

“The International Energy Agency has forecasted that oil demand is expected to continue to grow until at least 2040. Therefore, U.S. offshore areas must be made available to meet this demand. Most importantly, the U.S. requires an energy policy that facilitates robust energy exploration and production, which ultimately fuels the economy. This 5-year plan is disappointing, as the Interior Department had an opportunity to assist in growing the U.S. economy, yet chose to do the opposite.”

About IADC

Since 1940, the International Association of Drilling Contractors (IADC) has exclusively represented the worldwide oil and gas drilling industry. IADC’s mission is to catalyze improved performance for the drilling industry by enhancing operational integrity and championing better regulation to facilitate safer, cleaner and more efficient drilling operations worldwide. For more information, visit the IADC website at www.iadc.org.