Saturday, July 13, 2024

Louisiana Mid-Continent Oil and Gas Association marks 100 years by previewing future

by BIZ Magazine

Louisiana Mid-Continent Oil and Gas Association (LMOGA) announces their centennial anniversary. January 4th marked 100 years since the association’s founding in 1923. To celebrate, LMOGA will host several events in 2023 including their annual meeting, regional receptions and 100-year Gala set for late March in New Orleans. Throughout the year, the association will unveil the industry’s collective vision for the future of energy development that will drive Louisiana’s economy for the next 100 years.

For the last century, LMOGA has worked to demonstrate the significant impact of the energy industry and its people on Louisiana’s economy. The association plays a critical role in advancing initiatives and policies that enhance our communities and bring new opportunities to our state. As the world’s energy demands continue to evolve, Louisiana is poised to maintain its position as an oil and natural gas leader while staying at the forefront of the next generation of energy.

“For more than a century, Louisiana’s oil and natural gas industry has set the standard in innovation and energy production and LMOGA has been a partner every step of the way. From the very first offshore rigs to the incredible advanced technology in use today, it’s amazing to see what the hardworking people of Louisiana’s industry have accomplished,” said Tommy Faucheux, president of LMOGA. “In 2023, LMOGA will spend every day positioning Louisiana’s industry to meet global energy demands for the next 100 years.”

For decades, the oil and natural gas industry has been and will continue to be the foremost economic driver for Louisiana. It is leading the way for sustainable technologies and new energy solutions, while providing jobs for tens of thousands of families in Louisiana. According to a 2020 report, for every job created in the industry, 1.4 more jobs are created elsewhere in the state. In 2019, more than 249,000 Louisiana jobs could be attributed to the industry’s presence in the state.

“In 2023, we are embarking on a pivotal election year and our industry will have several opportunities to grow Louisiana’s workforce, leverage new technology and play a role in securing American energy independence,” commented Joel Noyes, chairman of the LMOGA Board of Directors. “It’s an exciting time to be a part of Louisiana’s energy industry – we’re working on large-scale, groundbreaking projects that will help protect America’s national security while benefiting our economy, our environment and our communities.”

Facts about Louisiana’s oil and gas industry:

  • 1901 is recognized as the birth of the oil and gas industry in the state. On Sept. 21, 1901, the Heywood well size miles from Jennings was brought in, producing the first oil discovered in the state in commercial quantities.
  • In 1908, the first natural gas pipeline was laid in Louisiana. It brought gas from the Caddo Field to Shreveport.
  • The first oil well out of sight of land was brought in by Kerr-McGee in the Gulf of Mexico, about 45 miles south of Morgan City.
  • In 2019, the oil and gas industry provided $73 billion to the state GDP. That same year, Louisiana oil and gas accounted for nearly $4.5 billion of state and local tax revenue – 14.6% of total state taxes, licenses and fees collected.
  • 35 cents of every dollar in the state’s coastal restoration budget comes directly from the oil and gas industry. In 2022, Louisiana and parishes received more than $111.8 million for coastal restoration and hurricane protection from offshore energy revenues.

“Louisiana’s energy industry is investing in the state’s environment and local economies through innovation and leadership as the business of the industry evolves. As we look to the future, Louisiana has an opportunity to capitalize on changing marketplace demands with new technologies such as carbon capture and storage, wind and solar, and continue to lead the future of energy in our region and across the globe,” said Faucheux.

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