IPAA Responds to Department of Interior’s Deep-Water Lease Extension

IPAA Responds to Department of Interior’s Deep-Water Lease Extension

“We applaud the Department of Interior’s decision yesterday to extend nearly 1400 deep-water oil and natural gas drilling leases. This action will help minimize the general uncertainty that has plagued the oil and natural gas industry since the painful five month deep-water moratorium.

“Unfortunately, shallow-water leases have not been included in this extension. These companies – often smaller, independent producers – have also been adversely affected by the moratorium and the permitting slow-down that followed. We believe it judicious to extend these leases as well.

“Although extending the deep-water leases is an important step to eliminating uncertainty, more needs to be done to promote the industry’s investment and increased economic activity in the Gulf. Therefore, we urge the administration to provide a stable business climate by opening additional offshore acreage for responsible development and developing a robust 2012-2017 five year plan.”

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Julia Bell

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