Interior FY 2018 Energy Revenues for GOMESA Climb to $215M

Image source: USACE

The U.S. Department of the Interior (DOI) Secretary, David Bernhardt, yesterday announced that the Department will disburse nearly $215 million in FY 2018 energy revenues to the four Gulf oil and gas producing states – Alabama, Louisiana, Mississippi and Texas, and their coastal political subdivisions (CPS) – an increase of 14.3 percent over the prior year.

According to DOI, this represents the second disbursement under Phase II of the Gulf of Mexico Energy Security Act of 2006 (GOMESA).

The funds will be used to support coastal conservation and restoration projects, hurricane protection programs, and activities to implement marine, coastal, or conservation management plans.

“Under President Trump’s leadership, Interior continues to deliver on the promise of advancing American energy security and economic prosperity,” said Secretary Bernhardt. “These disbursements shared directly with the Gulf producing states and local communities are a direct result of the responsible development of our energy resources.”

“This funding is critical to our efforts to restore and protect our coast and will allow the Coastal Protection and Restoration Authority to construct hurricane protection and coastal restoration projects that will better protect our communities, help restore our coast, and make our state more resilient,” said Louisiana Governor John Bel Edwards.

GOMESA funds are derived from qualified oil and gas leasing revenues on the Outer Continental Shelf, and disbursed in accordance with the revenue-sharing provisions of the GOMESA legislation. During FY 2018, Interior’s Office of Natural Resources Revenue (ONRR) disbursed approximately $76 million to the Land and Water Conservation Fund (LWCF) and $309 million to the U.S. Treasury from bonuses, rentals, and royalties paid for GOMESA leases.

As required by the legislation, disbursements to LWCF and Treasury are made in the same year of receipt; disbursements to the states and CPS are made the year following the year of receipt.

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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