Importantly, the law authorizing this doesn’t authorize the president to reverse the ban. Trump has used it before too.
So reversing this likely means an unusual ruling from the courts, or getting congress to change things. Both possible, but take a lot more effort than simply issuing an executive order.
There is a window, but it requires a vote by both houses of congress. Offshore drilling bans are popular, so there’s a decent chance of peeling off a couple of Republicans and preventing it from passing.