Offshore Drilling Moratorium Extension a Step Backward for U.S. Energy
For Immediate Release
Houston (9 September 2020) – The International Association of Drilling Contractors (IADC) issued the following statement in response to the Trump Administration’s announcement regarding the 10-year extension of the moratorium in the Eastern Gulf of Mexico and expansion to the South Atlantic:
“IADC believes these waters can be developed safely and in an environmentally responsible manner. A ban on responsible energy development unnecessarily impedes the United States’ energy leadership position and diminishes national security. It reduces the return to the taxpayers for responsible production of our nation’s natural resources.
“Access to these offshore resources bolsters local and state economies with an estimated 510,000 jobs and billions of dollars in tax and royalty revenue. With almost 90 billion barrels of oil and 320 trillion cubic feet of gas yet to be discovered on the U.S.’s Outer Continental Shelf, only 6% of federal offshore acreage is available for development. Further restricting access to these national resources could lead to energy issues not just tomorrow but 10-15 years down the road.
“The moratorium extension is a protracted step backward in the advancement of an otherwise robust U.S. energy industry.”
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 IADC at www.iadc.org and www.DrillingContractor.org.
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