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Wednesday, 27 October 2010 14:53
Report: DeFacto Gulf Oil Moratorium Cited Despite Obama Adm. Lifting
Written by  {ga=staffwriters}

NEW ORLEANS -- Today, GNO, Inc. and several partnering organizations released the first Gulf Permit Index (GPI) data to the public. When President Barack Obama's administration announced that it would lift the Deep Water Drilling Moratorium on Tuesday, October 12, the Business Council of Greater New Orleans and the River Region, and GNO, Inc. issued the following statement:


"We will be tracking and reporting on shallow- and deep-water permit issuance. Bi-weekly, we will issue a report that will compare the number of permits issued, versus historical rates. If there are delays, we will investigate and report those findings, as well."

The first installment of the bi-weekly GPI shows a drop in the rate of new well permits being issued by the Bureau of Ocean Energy Management, Regulation, and Enforcement (BOEMRE).

Despite not being affected by the federal moratorium, shallow-water permit issuance is still lagging behind historical averages. Compared to the twelve months prior to the Deepwater Horizon Oil Spill, BOEMRE is issuing 3.8 fewer permits per month since August, representing a 53% decrease.

Due to the federal moratorium, no deep-water permits have been issued since May 2010. With no deep-water drilling activity since the moratorium was enacted, the deficit is 5.8 permits per month, representing a 100% decrease in drilling activity.

"The concern is that we still have a de facto moratorium," said Michael Hecht, President and CEO of GNO, Inc. "Up to 30,000 jobs will be at risk in Louisiana if permits are not issued at a reasonable rate."

Charts tracking approved new permits for deep- and shallow-water drilling are below. Raw data on number of permits issued each month is taken from the BOEMRE website. Research and analysis was performed by GNO, Inc. staff members.

GNO, Inc. will continue to monitor the number of drilling permits being issued by BOEMRE. The organization will report on its findings every two weeks with updated GPI reports.

###

About Greater New Orleans, Inc.

The GNO, Inc. Mission is to serve as the catalyst for wealth creation in the Greater New Orleans region. GNO, Inc. will accomplish this by pursuing an aggressive agenda of business development - marketing the region - and product development - improving regional business conditions through policy, workforce and research initiatives.

The GNO, Inc. Vision is for the Greater New Orleans region to fulfill its potential as one of the best places in the country to grow a company, and raise a family. The ultimate indication of success for GNO, Inc. will be the presence of a robust and growing middle class in southeastern Louisiana.

More information can be found at www.gnoinc.org.

(GNO Inc Press Release)

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