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03 17, 2021 by LMOGA
The Louisiana Mid-Continent Oil & Gas Association (LMOGA) and the Gulf Economic Survival Team (GEST) issued the following statements regarding the canceled Bureau of Ocean Energy Management (BOEM) March lease sale for Gulf of Mexico energy development originally planned for today.
“Rescinding the lease sale planned for today will have devastating consequences on the only consistent source of federal funding for Louisiana’s coastal conservation program,” said LMOGA President Tyler Gray. “While the oil and natural gas industry shares the administration’s desire to tackle climate change and reduce emissions, halting domestic energy development in one of the lowest carbon intensive energy producing regions in the world is not the answer. That move will shift production and capital investment overseas and undermine decades of environmental progress. We strongly encourage the Administration to lift the federal leasing ban and remove the economic uncertainty now, when we need it most.”
“The natural gas and oil industry profoundly impacts Louisiana’s economy. Rescinding the lease sale will have a ripple effect on our economy that reaches communities that depend on energy production for economic stability,” said Lori LeBlanc, GEST Executive Director. “In addition, revenues from oil and gas activity in the Gulf of Mexico fund critical coastal restoration and hurricane protection projects. Those projects protect our culture and make Gulf coast communities safer and stronger. We must invest in America’s offshore resources, not halt development that will increase our dependence on foreign energy sources and threaten America’s energy independence.”
The Gulf of Mexico Energy Security Act (GOMESA) allows Gulf states to share in offshore revenue generated from oil production. One source of revenue for GOMESA are the bonus bids from new lease sales in the Gulf of Mexico, which have fluctuated between $100 million and over $400 million in recent years.
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