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05 24, 2012 by Louisiana Mid-Continent Oil & Gas Association
Louisiana Mid-Continent Oil and Gas Association (LMOGA) is encouraged by recently approved ultra-deep drilling legislation leading a new frontier for oil and gas exploration in Louisiana. HB 504 by Rep. Gordon Dove encourages ultra-deep drilling in our state by updating current unitization law to better reflect new technology. A companion bill was sponsored by Sen. Dan “Blade” Morrish, who handled HB 504 on the Senate floor.
“Modernizing current state law encourages companies to invest millions in our state and allows Louisiana to experience some of the success that has already been found on the OCS,” said LMOGA President Chris John. “Increased drilling from ultra-deep exploration will bring a significant economic boost to all of Louisiana, specifically South Louisiana, revitalizing oil and gas activity in the region. These projects will generate thousands of much needed, well-paying jobs and increase revenues for the state and landowners through severance taxes and royalties.”
“Louisiana’s oil and gas industry has a strong record of providing jobs and opportunity for our citizens and this legislation represents a new chapter in Louisiana’s long history of working together with industry to provide the energy that fuels America,” said Department of Natural Resources Secretary Scott Angelle.
With new technological advances, industry is able to go to depths never before considered possible and HB 504 allows for these new opportunities to be realized. Companies are able to drill to extraordinary depths below 22,000 feet, but existing law only applied to drilling below 15,000 feet with restrictions limiting ultra-deep drilling opportunities.
“Passing unanimously through both the House and Senate, Louisiana’s legislators recognized the unique and extraordinary economic development opportunity this bill represents for Louisiana,” said John. “Our Association has worked diligently this session with the Louisiana Legislature, the Department of Natural Resources, local landowners and our member companies to facilitate the forward progress of this bill. I commend the administration, especially DNR Secretary Scott Angelle, Chairman Dove and Sen. Morrish for their efforts to ensure Louisiana did not miss the chance to capitalize on this enormous opportunity.”
Download the News Release here
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