Conservation is the best short-term measure we can take. |
I am particularly interested where public lands are involved and where public lands may be able to produce more energy for the nation. |
I am very happily surprised. Considering what this region has gone through, I would have not been surprised if they had shown a bit of timidity. |
Information from industry indicates that large accumulations of hydrocarbons may exist al ultra deep levels below the ocean surface. |
MMS must have a leasing plan in place if Virginia seeks to end the moratorium and encourage offshore oil and gas development. |
Of all the platforms that were destroyed, not all of them will be rebuilt, which means we will lose permanently a certain percentage ... we estimate maybe 4 or 5% ... of oil and gas that will not be produced. |
Our experience tells us we could expect wells to be drilled within a couple of years after the lease sale occurs. Production is something else. Production could occur within three to four years. |
The idea of leasing federal waters off the coast of Virginia comes in response to discussion in the state's legislature about the potential of energy development off its coast. However, no offshore development will occur off Virginia unless the state's congressional delegation works to lift the moratorium. |
The offshore energy industry has compiled an outstanding safety record that allows development of these resources without significant risk to the environment. |
The oil from the platforms might be at 95 percent of pre- storm levels within 30 days or so. That doesn't mean it's going to go anywhere. There are terminals they cannot get to. There are refineries that are not ready to take the product. |
The price of natural gas is through the roof. |
There are refineries that are not ready to take the product at the end of the pipe. So it's not just the pipes that's the problem, it's everything at the end of the pipe also. |
There are some very exciting developments taking place here. |
This sale represents a record in terms of the total volume of RIK gas sold, the number of bids received, and the total number of companies that made offers. |
We did not think we needed any more legislation, because we already have incentives, but we obviously did not prevail. |