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GoM: Interior announces region-wide oil and gas lease sale for Gulf of Mexico


12 Jul 2018

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In support of President Donald J. Trump's America-First Offshore Energy Strategy, Deputy Secretary of the Interior David Bernhardt announced that the Bureau of Ocean Energy Management (BOEM) will offer approx. 78 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development. The region-wide lease sale scheduled for Aug. 15, 2018, includes all available unleased areas in federal waters of the Gulf of Mexico.

'Responsibly developing our offshore energy resources is a major pillar of this Administration’s energy strategy,' said Deputy Secretary Bernhardt. 'We look forward to this important sale, as the Gulf of Mexico continues to be the crown jewel of the Outer Continental Shelf. A strong offshore energy program supports tens of thousands of well-paying jobs and provides the affordable and reliable energy Americans need to heat homes, fuel our cars, and power our economy.'

Lease Sale 251, scheduled to be livestreamed from New Orleans, will be the third offshore sale under the National Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022. Under this program, ten region-wide lease sales are scheduled for the Gulf, where resource potential and industry interest are high, and oil and gas infrastructure is well established. Two Gulf lease sales will be held each year and include all available blocks in the combined Western, Central, and Eastern Gulf of Mexico Planning Areas.

'Powering America and protecting the offshore environment are not mutually exclusive,' said Counselor to the Secretary for Energy Policy, Vincent DeVito. 'We can do both. American energy production can be competitive, while remaining safe and environmentally sound. This lease sale is just one piece of the Administration’s comprehensive effort to secure our Nation’s energy future.'

Lease Sale 251 will include approx.imately 14,622 unleased blocks, located from three to 231 miles offshore, in the Gulf’s Western, Central and Eastern planning areas in water depths ranging from nine to more than 11,115 feet (three to 3,400 meters). The Gulf of Mexico OCS, covering about 160 million acres, contains about 48 billion barrels of undiscovered technically recoverable oil and 141 trillion cubic feet of undiscovered technically recoverable gas.

Additionally, BOEM has included appropriate fiscal terms that take into account market conditions and ensure taxpayers receive a fair return for use of the OCS. These terms include a 12.5 percent royalty rate for leases in less than 200 meters of water depth, and a royalty rate of 18.75 percent for all other leases issued pursuant to the sale, in recognition of current hydrocarbon price conditions and the marginal nature of remaining Gulf of Mexico shallow water resources.

All terms and conditions for Gulf of Mexico Region-wide Sale 251 are detailed in the Final Notice of Sale (FNOS) information package, which will be available for viewing on July 13, 2018 at: http://www.boem.gov/Sale-251/. Copies of the FNOS maps can be requested from the Gulf of Mexico Region’s Public Information Unit at 1201 Elmwood Park Boulevard, New Orleans, LA 70123, or at 800-200-GULF (4853).

The FNOS will be available for inspection in the Federal Register at: http://www.archives.gov/federal-register/public-inspection/index.html on July 13, 2018 and will be published in the Federal Register on July 16, 2018.

Original article link

Source: U.S. Department of the Interior





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