U.S. non-party status to UNCLOS has thwarted offshore oil and gas development beyond the U.S. EEZ
More rapid development of the oil and gas resources of the United States continental shelf beyond 200 nautical miles. The United States oil and gas industry is poised in its technology to begin development of the huge continental shelf of the United States beyond 200 miles (approximately 15% of our total shelf). But uncertainties resulting from U.S. non-adherence to the Convention will delay the substantial investment necessary for development in these areas. Moreover, U.S. non-adherence is causing the United States to lag behind other nations, including Russia, in delimiting our continental shelf. Delimitation of the shelf is an urgent oceans interest of the United States;13
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Offshore operations are capital-intensive, requiring significant financing and insurance. Oil and natural gas companies do not want to undertake these massive expenditures if their lease sites may be subject to territorial dispute. They operate transnationally, and need to know that the title to the petroleum resources will be respected worldwide and not just in the United States.
Keywords:Related Quotes:- Oil, gas, and mining interests have made it clear that they won't operate without legal protection from UNCLOS
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- Oil and gas industry unwilling to rely solely on rights outlined in 1958 convention
- U.S. failure to ratify UNCLOS will leave U.S. commercial mining and energy interests without legal protection
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