DOI: 38 Million Acres in Gulf of Mexico Up for Grabs
To follow through with President Obama's all-of-the-above energy strategy to expand domestic energy production, the U.S. Department of the Interior announced that the upcoming Central Gulf of Mexico Lease Sale 227 will offer 38.6 million acres offshore Louisiana, Mississippi and Alabama for oil and gas exploration and development.
The Interior stated that this lease sale could lead to the production of nearly one billion barrels of oil and almost 4 trillion cubic feet of natural gas.
"The Obama Administration is fully committed to developing our domestic energy resources to create jobs, foster economic opportunities, and reduce America's dependence on foreign oil," said Secretary of the Interior Ken Salazar in a released statement. "Exploration and development of the Gulf of Mexico's vital energy resources will continue to help power our nation and drive our economy."
The lease sale will be held at the Mercedes-Benz Superdome in New Orleans March 20 and includes all un-leased areas in the Central Gulf of Mexico Planning Area. The Administration created a new outer Continental Shelf Oil and Gas Leasing Program for 2012-2017, and this lease sale marks the second sale under the administration and the first of five central Gulf of Mexico lease sales that will be held under the new program.
"We are seeing a very positive trend for the offshore industry in the Gulf of Mexico, and we look forward to Central Gulf sale 227," said National Ocean Industries Association (NOIA) President Randall Luthi. "It should provide a more accurate barometer of industry's interest in the region than the last Central Gulf sale, which was delayed for over a year and saw pent-up industry interest on display."
BOEM estimates the lease sale, which includes 7,299 blocks in water depths of more than 11,115 feet, could result in the production of 0.46 billion to 0.89 billion barrels of oil, and 1.9 trillion cubic feet to 3.9 trillion cubic feet of natural gas.
"Lease sales such as this are a good reminder that offshore oil and natural gas are a vital part of an 'all of the above' energy strategy," added Luthi.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Africa's Natural Resources: Focus for Both Oil and Gas Sectors
- Apprenticeships Gain Momentum in Upstream Oil, Gas Sector
- Senate Energy, Natural Resources Committee to Vote on Keystone XL Pipeline
- Canadian Oil Sands Projects Continue to Vie for Skilled Talent
- East Africa Must Tackle Challenges to Become an Export Hub
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension