DRILLBITS
Monthly eNewsletter from the IADC

“With the Administration having sold over 32 percent of the SPR’s 714-million-barrel reserves, the nation’s emergency crude stockpile is now at its lowest level since 1984. In this context, the urgency for increasing offshore exploration and production in the United States cannot be overstated. Signaling a sincere commitment to stabilizing global energy markets via increased domestic offshore hydrocarbon production would bring much needed certainty to tenuous global energy markets. IADC strongly encourages BOEM and the Biden Administration to complete its administrative pre-lease obligations in the most forthright and responsive manner possible, with an emphasis on increasing responsible domestic offshore production.”

“While our offshore members are disappointed to see the Proposed Program’s considerably diminished size and scope as compared to previous plans, IADC remains hopeful that BOEM will implement all eleven sales listed in the proposal. Continued development of the U.S. offshore market is critical for consumers of energy worldwide, and for ensuring a stable environment in which offshore drillers can responsibly access the nation’s vital energy resources. With each offshore drilling rig employing more than 200 workers on average, and supporting hundreds of additional jobs onshore, the importance of keeping rigs running in the Gulf of Mexico cannot be overstated. This is in addition to the $900 million distributed annually to communities by the Land & Water Conservation Fund (LWCF), which is funded by offshore oil and gas leasing. The 2023-2028 leasing program represents a terrific opportunity for BOEM to continue to foster both economic success and world-class conservation efforts in communities throughout the United States.”