Safe offshore energy development remains key driver for economic development and energy security

News provided by

Sep 14, 2015, 01:59 ET

WASHINGTON, Sept. 14, 2015 /PRNewswire-USNewswire/ -- Ahead of tomorrow's congressional hearing in New Orleans, API highlighted the importance of offshore oil and natural gas development to the region's economic development.

"The oil and natural gas industry supports hundreds of thousands of Gulf Coast jobs," said Erik Milito, API upstream group director. "Offshore energy has driven Louisiana's economy for generations, and building on that growth requires a regulatory approach that embraces safe, responsible development."

API recently issued a request that the Bureau of Safety and Environmental Enforcement (BSEE) arrange workshops with each of the eight industry workgroups involved with analyzing respective sections of BSEE's proposed well control rule in order to address fundamental technical and economic flaws in the proposal that could increase risks to people and the environment.

"We are committed to working with government officials to ensure that America's offshore energy development is the safest in the world," said Milito. "Industry standards and smart regulatory oversight are key to our success, but the well control rule, as proposed, does not meet this commitment and could ultimately reverse existing improvements to offshore safety."

Further exploration and production of offshore oil and natural gas in the U.S. Atlantic Outer Continental Shelf (OCS), the U.S. Pacific OCS and the Eastern Gulf of Mexico could create hundreds of thousands of jobs, boost U.S. energy security, increase domestic investment and grow government revenue, according to recent studies.

API represents all segments of America's oil and natural gas industry. Its more than 625 members produce, process, and distribute most of the nation's energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.

SOURCE American Petroleum Institute