World Oil
(WO) – National Ocean Industries Association (NOIA) President Erik Milito issued a statement on the non-binding pact signed at the conclusion of the two-week-long COP28 climate summit in Dubai:
Source: World Oil
“The goals set by COP28 underscore the pivotal role of the American offshore industry in achieving the objectives of mitigating climate change while enhancing global living conditions.
“As global energy demand continues to rise, the reality is the necessity for all energy sources to remain into the foreseeable future in order to effectively meet the energy security needs of a growing global society. The U.S. offshore region is uniquely situated to provide the energy sources Americans rely upon for a high quality of life, while also providing a roadmap for addressing emissions.
“The U.S. Gulf of Mexico stands out for consistently demonstrating the ability to produce oil and natural gas with lower greenhouse gas emission intensity than almost all other regions. Encouraging increased production in the Gulf of Mexico is not only in the national interest but also globally advantageous, preventing a shift to higher-emission sources to meet energy demands.
“Moreover, the rapid expansion of the American offshore wind sector and the advancements in offshore carbon sequestration provide potent tools to address global emissions. While the strategic benefits of U.S. offshore wind are widely acknowledged, the Gulf of Mexico presents substantial potential for offshore carbon sequestration.
“As recognized by global authorities, widespread adoption of carbon capture and storage is a key tool for achieving global climate change ambitions. The Gulf of Mexico, with its abundant geological prospects for carbon storage, well-established energy infrastructure, proximity to industrial centers for emissions capture, and a readily available engineering and energy knowledge base, stands as a key player in this effort. This technology has been proven globally but federal policy has delayed the U.S. build-out.
“An American-led energy transition offers vast advantages. It allows significant strides against climate change while ensuring global access to reliable, affordable, and responsible energy production and boosting our national security.”
