US To Offer Gulf of Mexico Acreage

Published at 02:33PM - 25/07/16

The US Bureau of Ocean Energy Management (BOEM) announced plans to offer 31,187 square miles for oil and gas exploration and development offshore Texas.

The proposed lease sale – Western Gulf of Mexico Lease Sale 248 – is to include all available areas in the Western Gulf of Mexico Planning Area which remain unleased.

“The Gulf of Mexico continues to be one of the most productive basins in the world and is an important part of our Nation’s domestic energy portfolio,” said Hopper.

US To Offer Gulf of Mexico Acreage

“This lease sale follows extensive environmental analysis and stakeholder engagement,” Hopper stated further.

The lease follows the US government’s efforts to boost domestic energy production.

The event has been scheduled for 24 August in New Orleans and will be the first federal offshore oil and gas auction to be broadcast live on the Internet, a decision which is meant to promote greater government efficiency and transparency.

“Through the use of technology, we can deliver our lease sale information in a much more effective and accessible way to a much wider audience,” the director added.

New Sale to Offer 116-200 Million Barrels

Under the sale, BOEM will offer about 4,399 offshore blocks located in water depths ranging from 16 feet to more than 10,975 feet.

According to BOEM estimates, the proposed lease sale would produce 116 to 200 million barrels of oil and 538 to 938 billion cubic feet of natural gas.

The BOEM explained that, the decision to hold the sale follows “extensive environmental analysis, public comment and consideration of the best scientific information available”.

This includes “stipulations to protect biologically sensitive resources, mitigate potential adverse effects on protected species and avoid potential conflicts associated with oil and gas development in the region”.

All the terms and conditions for the sale are detailed here.