U.S. Rep. Bob Goodlatte has introduced legislation to reopen waters offshore Virginia for oil and gas exploration, according to the Associated Press. According to the report, the proposal requires the Department of the Interior to move ahead with a Virginia lease sale no later than one year after its passage. Governor of Virginia Robert F. McDonnell would have to request the action. McDonnell, who is a supporter of opening offshore waters, has embraced the bill, stating it would move the nation closer to energy independence. “To become the energy capital of the East Coast, Virginia must develop all of our domestic energy sources, from offshore oil and natural gas to wind, solar, coal, nuclear and biomass,” McDonnell said in a statement. On March 31 the Obama Administration had announced intentions to open East Coast waters for energy exploration. However, after the Deepwater Horizon explosion and massive oil spill that followed, lease sales offshore Virginia are currently delayed until 2017. While environmental groups are critical of oil and gas exploration offshore Virginia, the state’s government believes the area could produce 130 million bbl of oil and 1.1 Tcf of natural gas. However, according to the report the estimates are based on decades-old seismic studies and new testing needs to be conducted for accuracy. Goodlatte to the Associated Press that opening these areas to oil and gas exploration has the potential to create more than 2,500 full-time jobs and a capital investment of almost $8 billion.
Recommended Reading
Marketed: Crimson Resources II Eagle Ford Operated Properties
2023-02-06 - Crimson Resources II LLC has retained RedOaks Energy Advisors as the exclusive advisor in connection with the sale of certain operated properties located in the Eagle Ford.
Marketed: BASA PetroFund Management Non-operated East Texas Divestiture
2023-03-29 - BASA PetroFund Management, Ltd has retained RedOaks Energy Advisors as the exclusive advisor in connection with the sale of certain non-operated properties located in East Texas.
Marketed: Paloma Natural Gas Gulf Coast PDP Asset Divestiture
2023-01-25 - Paloma Natural Gas LLC retained Opportune Partners LLC as its exclusive financial advisor for the sale of certain oil and gas assets yielding net production of 544 boe/d in Mississippi and Louisiana.
Marketed: Lake Crystal Energy Midland Basin Operated Properties
2023-01-09 - Lake Crystal Energy retained RedOaks Energy Advisors for the sale of certain Midland Basin operated properties.
Marketed: Lone Oaks Minerals West Virginia 13-Well Package
2023-01-27 - Lone Oak Minerals retained EnergyNet for the sale of a RI and NPRI 13-well package located in Wetzel County, W.V.