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02 12, 2021 by LMOGA
The Louisiana Mid-Continent Oil & Gas Association (LMOGA) is disappointed in the Bureau of Ocean Energy Management (BOEM)’s decision to cancel the planned March lease sale for Gulf of Mexico energy development.
“Suspending the March lease sale will have devastating consequences on the only consistent source of federal funding for Louisiana’s coastal conservation program,” said LMOGA President Tyler Gray. “The oil and natural gas industry shares in the administration’s desire to tackle climate change and reduce emissions but halting domestic energy development in one of the lowest carbon intensive energy producing regions in the world is not the best path forward.”
“The impact of the natural gas and oil industry on Louisiana’s economy has a ripple effect that goes beyond just the companies operating, our local communities depend on energy production not only for economic stability, but also for the protection and resiliency of our coast,” said Gray.
“Revenues from oil and gas activity in the Gulf of Mexico are a primary funding source for critical coastal restoration and hurricane protection projects that protect our culture and make our communities safer and stronger.”
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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