Page 42: of Marine News Magazine (October 2012)

Offshore Oil Port or LOOP, ofß oading imported crude from supertankers. OPTIMISM ABOUT GULF LEASE SALESThe Obama administration was widely criticized along the Gulf for the 2010 drilling moratorium, and oil and gas industry and vessel operators serving them continue to grumble about stricter, post-BP spill regulations. That said; many members have since conceded those rules were needed. Recent oil lease sales conducted by the Administration, with more coming, have created optimism. In June, 56 companies bid $1.7 billion for rights to explore over 2.4 million acres in the Central Gulf controlled by the federal government. That followed a December 2011, Western Gulf lease sale, which offered 21 million acres and resulted in $325 million in accepted bids. This fall, the Obama Administration is preparing to hold a dozen auctions of drilling rights under the new Outer Continental Shelf Oil and Gas Leasing Program for 2012 to 2017. The Þ rst sale in that Þ ve-year plan is Flooding in Plaquemines Parish, Louisiana from Isaac. The storm widely impacted residential housing but had little lasting effect on the oil & gas sector. Courtesy of Plaquemines Parish. 42 MNOctober 2012MNOct2012 Layout 32-49.indd 42MNOct2012 Layout 32-49.indd 4210/2/2012 10:23:57 AM10/2/2012 10:23:57 AM