US offshore energy agency gets budget boost

While increasing funds for conventional energy, the US federal government said May 28 that offshore work would remain focused on renewable energy resources.

A budget proposed by president Joe Biden for fiscal year 2022 offers $227.8mn for the Bureau of Ocean Energy Management (BOEM), an increase of nearly $37mn from the previous fiscal year.  

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The bulk of the funding, some $86.8mn, goes toward environmental programmes, an increase of $10.9mn from the budget enacted for 2021. The agency said that those funds would support a science-based approach to environmentally- and economically-responsible management.

The 2022 budget proposal includes $62.3mn for conventional energy, though the administration is holding fast to its decision to pause new leases for offshore oil and gas drilling while it reviews permitting and leasing practices.

“The comprehensive review will focus on and advance efforts to improve stewardship of public lands and offshore waters as the nation transitions to a clean, just, and equitable energy future that supports sustainable, good-paying jobs,” the agency stated.

As part of the energy transition, the Biden administration has set a goal of securing 30 GW of energy from offshore wind by 2030. It has approved development of two new offshore wind energy projects since Biden assumed office in January.

On renewables specifically, the 2022 budget includes $45.8mn to support the wind energy goal set by the Biden administration. That represents an increase of $17.4mn from the 2021 budget.

The BOEM estimated total undiscovered technically recoverable resources in the US at a mean 68.79bn barrels of oil and a mean 229.03 trillion ft³ of natural gas. Compared to its 2016 assessment, BOEM’s estimate represents a 21.76bn barrel decline for oil and a 98.55 trillion ft³ decline for natural gas.