NOIA: Lease sale 257 reinstatement essential to keep energy flowing

National Ocean Industries Association (NOIA) President Erik Milito issued the following statement after the Bureau of Ocean Energy Management (BOEM) announced the reinstatement of Gulf of Mexico Lease Sale 257, in compliance with the Inflation Reduction Act:  

"The reinstatement of Lease Sale 257 is essential in keeping energy flowing from the Gulf of Mexico. Communities along the Gulf Coast and throughout the country rely upon Gulf of Mexico oil and gas development for good-paying jobs, affordable energy supplies, and important funding for local infrastructure needs, coastal restoration and resiliency, and parks and recreation programs. It had been nearly two years since companies were last able to secure new leases from a region that is recognized as national strategic asset.

"At a time of inflationary energy price impacts and global energy insecurity, the Gulf of Mexico oil and gas sector continues to shine as an economic engine that operates under world class safety standards and produces among the lowest carbon barrels of oil in the world."