Today, GEA released the below statement, upon Secretary Zinke signing the Secretarial Order in Houston at OTC, to begin implementation of the America First Offshore Energy Executive Order.  Signed by President Trump on Friday, this Executive Order will remove barriers for investment in the Gulf of Mexico and unleash continued economic growth for our region.

 

The following statement can be attributed to Matt McCarroll, CEO of Fieldwood Energy and a Founding Member of the Gulf Energy Alliance:

“The America First Offshore Energy Executive Order signed by President Trump last Friday and Interior Secretary Ryan Zinke’s Secretarial Order today are positive developments and a clear signal of the return of government to the table as a partner – and not an adversary – in the safe and responsible development of our nation’s abundant offshore resources. We are particularly encouraged that the Executive Order specifically requests the Department of Interior to review Notice to Lessees 2016- N01 regarding financial assurance obligations and instructs the Agency to minimize unnecessary regulatory burdens on the industry in a new financial assurance framework.

Independent operators in the Gulf, as represented by the Gulf Energy Alliance, remain committed to working with the Trump administration to create solutions that ensure industry’s accountability to U.S. taxpayers for its offshore obligations. It is critical that financial assurance requirements – and any other regulations for that matter – maintain that accountability in a manner that is workable, achievable and does not create unnecessary burdens for continued investment in the Gulf of Mexico.

A more reasonable, collaborative approach to offshore regulation will make the Gulf of Mexico more attractive for capital investment and could add billions of dollars in royalty payments to the US Treasury while continuing to support tens of thousands of jobs across the Gulf Coast.”

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You can download our statement by clicking here —  5.1.17_GEA_Statement_EO.