Houston, Texas (14 September 2015) – In response to today’s US House Committee on Natural Resources field hearing in New Orleans, “The Impacts of Federal Policies on Energy Production and Economic Growth in the Gulf”, the International Association of Drilling Contractors (IADC) has submitted comments for the hearing record which outline changes to existing law to help spur safer energy production.
IADC’s comments cite the need for predicable and clear laws and regulations that give the drilling contractor confidence to make business decisions knowing what the regulatory outlook is on the horizon. Clarifying the contractor liabilities/responsibilities under BSEE regulations; increasing access for offshore drilling activities; amending the Outer Continental Shelf Lands Act to perform inspections on a risk basis; and lifting the Crude Oil Export Ban were identified as actions the Committee should consider while they work to develop new policies and legislation.
“The next three years are poised to be challenging for drilling contractors, particularly with the uncertainty regarding federal regulations and oil prices. According to EIA estimates, U.S. crude oil production will continue to decline before resuming growth again in late 2016. What remains to be seen is how well industry will fair in the upswing as drilling contractors and operators attempt to implement costly and overly prescriptive regulations,” said Stephen Colville, IADC President and CEO.
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.