IADC Comments on Federal Offshore Leasing Program, Expresses Disappointment with Exclusion of Atlantic Lease Sale 260

Houston, Texas (15 March 2016) – In response to the release of the US Department of the Interior’s proposed 2017-2022 Outer Continental Shelf Oil & Gas Leasing Proposed Program, IADC President Jason McFarland issued the following statement:

“This Administration says it promotes an ‘all of the above’ energy mix for this country, but their words are not backed up by their actions. By failing to include an Atlantic lease sale in the upcoming 5-year-program, the Administration is taking jobs off the table and failing to prudently develop the natural resources that belong to all Americans. This is a missed opportunity for our members to supply more jobs for the American economy.”

“Opening the Atlantic to drilling exploration could have resulted in thousands of new jobs, billions of dollars in investment and an estimated 3.3 billion barrels of oil and 31.3 trillion cubic feet of natural gas expected to be accessible off the coasts of Virginia, North Carolina, South Carolina and Georgia.”

“The U.S. needs and requires energy policy that facilitates the robust energy exploration and production that provides much needed fuel of our economy. IADC remains steadfast in supporting policies that enables safe and efficient drilling activities. With this proposed lease sale, the Interior Department had an opportunity to increase US economic growth, and they chose not to, which makes today’s news even more disappointing.”

About IADC

Since 1940, the International Association of Drilling Contractors (IADC) has exclusively represented the worldwide oil and gas drilling industry. IADC’s mission is to catalyze improved performance for the drilling industry by enhancing operational integrity and championing better regulation to facilitate safer, cleaner and more efficient drilling operations worldwide. For more information, visit the IADC website at www.iadc.org.