I think it would affect Big Four Oil participation in oil exploration in the North Sea. Gasprom and that other Russian oil company who’s name escapes me, partner with Shell, Exxon, etc. on projects. Without US participation, it seems like the act would give the entire North Sea (and the Artic) “first-in” rights to Russia. Considering the buddies that Russia can tap for partnering (NoK, Iran, Syria, China, etc), that puts undesirables in our hemisphere, doesn’t seem like a good idea in the long run.
Which is one of the reasons the Republicans ++++++++are avid for it.