IPAA: New Offshore Five-Year Plan is Step in Right Direction, but More Should be Done

IPAA: New Offshore Five-Year Plan is Step in Right Direction, but More Should be Done

WASHINGTON, D.C. – Independent Petroleum Association of America (IPAA) President Barry Russell released the following statement regarding the Obama Administration’s release of its draft five-year offshore leasing plan for the Outer Continental Shelf (OCS), which would run from 2017 through 2022:

“We are encouraged to see the Obama Administration addressing America’s offshore energy potential by increasing access to new offshore areas in its proposed five-year plan. America’s independent producers account for 30 percent of United States offshore energy production, support more than 200,000 jobs, and, each year, send more than $10 billion in additional revenue to the United States Treasury. While American families are currently benefiting from low prices at the pump, we must continue to recognize the important role America’s independent producers can play in increasing our energy security and fueling a long-term revitalization of our economy.

“With a proven record of offshore production that can be done safely and responsibly, IPAA has long-advocated for opening access to all areas of the OCS, including the Eastern Gulf of Mexico, the mid-Atlantic, and even Alaska’s waters. While we are pleased to see this administration is taking steps in the right direction, IPAA urges the administration to keep all offshore areas available to exploration. This proposed five-year plan represents an opportunity for the Obama Administration to put a more robust plan in place – one that opens up vital new offshore areas and best utilizes the energy resources we have right here at home.”

In August 2014, the Independent Petroleum Association of America joined the American Petroleum Institute, the National Ocean Industries Association, and eight other energy trade associations in submitting comments to the Obama Administration in preparation of the 2017-2022 offshore leasing program. IPAA also recently raised concerns to the Bureau of Ocean Energy Management in response to its effort to update the self-insurance program on risk management for the OCS.

About the Independent Petroleum Association of America
The Independent Petroleum Association of America (IPAA) is the leading, national upstream trade association representing oil and natural gas producers that drill 95 percent of the nation’s oil and natural gas wells. These companies account for 54 percent of America’s oil production, 85 percent of its natural gas production, and support over 2.1 million American jobs.

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