The oil and natural gas industry is forming two new task forces to address both short-term and long-term issues involving subsea well control and spill response and cleanup.

The task forces will be developed by API, the Independent Petroleum Association of America (IPAA) and the National Ocean Industries Association (NOIA) and will provide recommendations which will be presented to the presidential commission on the Deepwater Horizon accident.

"We will be working across our industry, bringing together experts and specialists, to improve safety and environmental performance by learning from any gaps identified in the handling of this spill," said API President and CEO Jack Gerard in a news release.

The findings and recommendations will assist industry to identify best practices to incorpora... more »

The offshore oil and natural gas industry is in a holding pattern of sorts today, waiting for the Minerals Management Service (MMS) to issue Notices to Lessees (NTL) that will provide information about offshore energy development. Announcements from MMS offices last week caused concern when at least two drilling permits were rescinded in shallow water after the president announced a six-month moratorium on deepwater drilling.

According to information received by API, MMS could issue an NTL today specifying changes to equipment requirements in shallow water followed by additional NTLs on other aspects of offshore energy development. In the meantime, the industry is holding its breath and wondering about the impact on jobs.

The oil and natural gas industry supports 9.2 million U.S. jobs, and... more »

In today's episode, I interview Burt Adams, chairman of the National Ocean Industries Association (NOIA), about the potential economic effects of the president's six-month deepwater drilling moratorium on coastal communities.

Use the audio player below to listen to information about the article and follow along with the show notes. I hope you find the podcast informative.

00:17 We've all been watching the aftermath of the Deepwater Horizon in the Gulf for the last several days--the clean-up as well as the president's order to halt deepwater exploration wells and to delay drilling in the Gulf in areas where the water is more than 500 feet deep. But now questions are arising about the economic impact of the drilling delays and the cost to the energy workers and their families who li... more »

The response to the administration's decision to disrupt deepwater offshore drilling in the Gulf is beginning to hurt the economies of coastal communities--the same communities that are losing income from fishing and tourism due to the spill.

On May 27, President Obama instituted a six-month moratorium on all drilling in water depths greater than 500 feet and stopped work on 33 Gulf deepwater exploration rigs, except under special circumstances.

Several organizations have offered estimates of the drilling moratorium's impact on consumers, the U.S. oil and natural industry, and the nation's energy security:

• Adam Sieminski of Deutsche Bank predicted that U.S. oil production could fall by 160,000 barrels of oil per day by next year. (Financial Times)

• Bernstein Research said delays from the... more »