Oil and gas companies lose a decade-old grace period for keeping seismic data secret

The US government is ending a grace period that allowed oil and gas companies to keep seismic data private for an extra year. This means companies must now release their geological survey data after a standard two-year period, instead of three.

For years, companies exploring for oil and gas offshore could hold onto valuable geological data longer than the rules intended. This extra year of secrecy gave them an advantage over competitors who might want to bid on the same areas. Now, the playing field for accessing this data becomes more even, which could make it easier for new companies to enter the market or for existing ones to challenge incumbents.