The American Petroleum Institute (API) and more than a hundred trade organizations have requested this entity to develop a new concession program that allows harnessing the potential of the Outer Continental Shelf (OCS) to strengthen the country’s marine energy security.
The Proposal for Marine Energy Exploration
The comments addressed to the Bureau of Ocean Energy Management (BOEM) highlight the need for a five-year scheme that ensures expanded access to areas such as the Gulf of Mexico, Alaska, the Pacific coast, and the Atlantic. The industry considers that a more predictable program with regular lease sales is fundamental to respond to the growing global demand.
During the previous administration, many of these areas were left without development plans, which limited the exploitation of marine energy resources. Doug Burgum, current Secretary of the Interior, has ordered BOEM to initiate a process to review and update the schedule, with the aim of reactivating offshore production in a sustainable and continuous manner.
According to data from the Energy Information Administration (EIA), offshore production represents 14% of U.S. crude oil, close to 2 million barrels per day. If expanded, the development could contribute more than 8 billion dollars in federal revenue by 2040.
Follow us on social media and don’t miss any of our publications!
YouTube LinkedIn Facebook Instagram X (Twitter) TikTok
Source and photo: World Oil
