Page 20: of Marine News Magazine (April 2021)

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Column

Offshore Policy 2021: A Year of Offshore Energy Potential

By Erik Milito, President, National Ocean Industries Association (NOIA)

After what has seemed like the longest year ever, the offshore energy sector is emerging from a position ronmental and emissions performance. of strength, from the standpoint of both economics and To begin with, the resilience of the offshore energy in- sustainability. Between the lockdowns implemented to re- dustry during 2020 should be applauded. The U.S. off- duce COVID-19, which reduced energy demand, to the shore energy industry adapted to these unprecedented oil price war between state-backed producers, 2020 was an challenges, delivering energy, jobs and investment while unprecedented storm that hit the American offshore ener- maintaining world class environmental performance.

gy market. Now, there are unmistakable signs of a recovery, Before much of the world truly grasped the signi? cance and policy makers in Washington, D.C. should embrace of COVID-19, the offshore industry began industrywide the opportunity before us to for sustained economic, envi- coordinated action to mitigate the spread of the virus.

Offshore companies and regulators quickly developed and shared best practices on mitigation measures to prevent the spread of COVID-19 in the con? ned spaces offshore.

The leadership and initiative of the industry during 2020 was a stabilizing force during a turbulent time. Not only did Gulf of Mexico oil and gas production safely keep energy ? owing, but we also provided hydrocarbons and the molecular building blocks integral for the medicines, face masks, surgical gowns and other medical equipment necessary to ? ght COVID-19.

As momentum grew in the U.S. economy, oil prices in- creased and the offshore energy industry was positioned to correspondingly meet the call for rising energy demand. Be- tween August 2020 and December 2020 daily oil produc- tion in the U.S. Gulf of Mexico increased from 1.19 million barrels of oil per day to 1.77 million barrels of oil per day.

For the hundreds of thousands of women and men whose jobs depend on Gulf of Mexico oil and gas pro- duction, the rise in energy demand is welcome news. An estimated 50,000 jobs supported by the Gulf of Mexico oil and gas industry were lost during 2020. While most jobs and investment for the off-shore oil and natural gas industry are naturally clustered along the Gulf Coast, every single U.S. state has businesses that are part of the vendor chain. A rising tide of Gulf of Mexico oil and gas produc-

BP 20 | MN April 2021