Bloomberg BNA published an article entitled “Atlantic Seismic Surveys May Get Permits But Await Action.” This article begins as follows:
“Six companies are hoping to get permits to conduct seismic surveys in the U.S. Atlantic offshore as a step toward identifying the most promising places to drill for oil or natural gas.
The Trump administration is supportive of the seismic work, but uncertainty remains over whether the surveys actually will be conducted. No lease sales for exploration drilling have been scheduled for the Outer Continental Shelf in the Atlantic, and without the prospect of lease sales, the service companies that do the seismic work may be unable to find clients among oil companies to finance the surveys.
“We only see seismic surveying going ahead in the Atlantic if we see enough companies coming in with funding,” said Will Ashby, vice president of human resources and communications for TGS NOPEC Geophysical Co. ASA, one of the six companies seeking permits.
Ashby told Bloomberg BNA he was skeptical oil companies will fund a seismic survey without lease plans scheduled. As a result, permits may expire at the end of their one-year terms if no Atlantic leasing appears likely, although there is nothing to prevent the companies from seeking new permits in the future if the prospect of Atlantic leasing grows.”