Walt Rosebusch’s Remarks at press briefing on U.S Offshore Five-Year Plan
Press briefing: Grow America’s Energy Economy, Expand the Offshore Five-Year Plan
Walt Rosenbusch, Chief Operating Officer and Executive Vice President
Monday, 14 March 2016
Thank you Randall. I want to thank everyone as well who are joining today’s call.
My comments will be brief. Erik and Randall have done a great job in laying out the facts and the reasons why lease sales in the Atlantic OCS should remain in the upcoming five-year leasing plans. There are a couple of points that I would like to underscore.
The United States is virtually the only nation that is not exploring the resource potential of the Atlantic. The US Atlantic OCS has been excluded from the five-year planning process for several decades – based in large part on the position that the resource potential was not significant. Those estimates are based on 30-plus-year-old seismic data. Because there have been technological advances in geophysical data acquisition and processing, the existing estimates of are out of date. Exploration and development activities generally lead to increased resource estimates.
It’s been nearly two years since the BOEM’s announcement to consider authorization of permitting geophysical activities on the Atlantic OCS. Had the Administration moved forward – granting the authorizations to acquire new seismic data – they would have data that would better define the resource potential on the Atlantic OCS.
The geophysical permitting process is rigorous – as it should be. In the instances of the permits for geophysical acquisition on the Atlantic OCS awaiting approval Virginia, North Carolina, South Carolina and Georgia have all determined that geophysical operations off their coast line is consistent with their individual coastal zone management plans. Geophysical activities can coexist with other activities occurring offshore. Geophysical operations have been taking place in the Gulf of Mexico for several decades – where the commercial and recreational fishing industries and tourism flourish.
As Erik and Randall have already said, the Administration made the wise decision to propose a lease sale in the Atlantic. They should move forward in authorizing new geophysical acquisition to take place so that they and everyone better understands the resource potential underlying the Atlantic OCS. The new data will identify the areas that may hold recoverable oil and gas reserves and will enable leaders to make informed decisions on how to best utilize these resources to ensure the nation’s future energy security.