IADC Welcomes Department of Interior’s Approval of Exploration Plan in Arctic Waters

IADC Welcomes Department of Interior’s Approval of Exploration Plan in Arctic Waters

Houston, Texas (11 May 2015) -The Department of Interior (DOI) announced today that it has granted Shell conditional approval to drill for oil and gas in the Arctic Ocean this summer. In response, International Association of Drilling Contractors (IADC) President and CEO Stephen Colville issued the following statement:

“IADC supports DOI’s approval of an exploration plan submitted by Royal Dutch Shell PLC for drilling wells off Alaska’s coast in the Chukchi Sea. In the Arctic, it is vital that the U.S. maintain and accelerate opportunities to develop offshore oil and gas in the resource-rich Beaufort and Chukchi Seas.  The region holds an estimated 23.6 billion barrels of oil and 104 trillion cubic feet of natural gas, the development of which would create 54,700 jobs and $193 billion in government revenue.  Resource development in the U.S. Arctic would also significantly bolster the nation’s influence in a strategically critical area.”

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.