Oil firms ‘looking forward’ to working with Trump administration

Oil firms 'looking forward' to working with Trump administration
Donald Trump (Image Source: GOP)

As is already known, Donald Trump has managed to beat the odds and has been elected U.S. president, much to the surprise of well – everyone.

Energy intelligence companies, such as Douglas-Westwood and S&P Platts Global, have been quick to paint a rough picture of what the energy environment might look like under Trump after he’s beaten Clinton.

Trump has been described as the more oil and gas friendly one of the two, and has pledged to open onshore and offshore leasing on federal lands and eliminate a moratorium on coal leasing and open-shale extraction. More here: bit.ly/2fCaC89

Wanting to hear from the industry itself, Offshore Energy Today has reached out to the U.S. oil company ConocoPhillips, seeking comment on the Trump win, and the effect this will have on the energy sector.

In a statement sent to Offshore Energy Today, a ConocoPhillips spokesperson said: “The American people have spoken and elected Mr. Trump as president, and ConocoPhillips respects that choice. We look forward to working with the new administration as we forge the kind of energy future that protects the environment while delivering the world the energy it requires.”

Shell hoping for “predictable” regulations

 

Shell, the Anglo/Dutch oil giant, with oil and gas assets in the U.S., sent a similar sounding message to Offshore Energy Today: “We wish the President-elect success as he embarks on his transition and look forward to working with the new Administration as they take office in January.”

The Shell spokesperson added: “We will continue to advocate the role that energy plays in the overall U.S. economy and stress the importance of a stable, predictable regulatory environment – one that allows for ongoing investment, new jobs and the delivery of safe, affordable energy.”

 

The “predictable regulatory environment” or rather, the “unpredictable” one, coupled with low oil prices, and environmentalist pressure, was one of the reasons Shell last year abandoned its Arctic drilling campaign offshore Alaska.

Announcing its decision to quit the drilling project in the Chukchi Sea last year, Shell said it would not be coming back to the area “for the foreseeable future,” due to, in part, the challenging and unpredictable federal regulatory environment in offshore Alaska.

To remind, outlining his energy plan in September 2016, Donald Trump said that federal restrictions remained a major impediment to “both shale production specifically, and energy production in general.”

He said that less than 10 percent of the federally managed surface and mineral estates are leased for oil and gas development, and 90% “of our nation’s offshore acreage is off-limits to energy production,” something that is expected to change now he’s been elected president.

Trump promised his energy policy would make “full use of our domestic energy sources, including traditional and renewable energy sources.”

However, an official from a major oil company provided maybe the best description of what the energy industry can expect from Donald Trump. When asked by Offshore Energy Today to comment on the election result and the effects on the industry, the offical said:” Too early to say – watch this space!”

Offshore Energy Today Staff

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