Gulf of Mexico Lease Sale Set for March
U.S. Secretary of the Interior David Bernhardt announced that the Bureau of Ocean Energy Management (BOEM) will offer over 78 million acres for a region-wide lease sale scheduled for March 18, 2020, as part of President Trump’s America First Offshore Energy Strategy.The sale would include all available unleased areas in the federal waters of the Gulf of Mexico (GoM). Department of the Interior Secretary David Bernhardt said: “A strong and safe offshore energy program fuels the American economy, provide thousands of good-paying jobs and delivers affordable and reliable energy for everyday use.”Lease Sale 254…
BOEM Announces New GoM Lease Sale
The US Department of the Interior's Bureau of Ocean Energy Management (BOEM) plans to offer about 78 million acres in a region-wide Gulf of Mexico lease sale scheduled for March 2020.Lease Sale 254, which would include all unleased areas in federal waters in the gulf that are not subject to congressional moratorium, will be the sixth held under the 2017-22 federal OCS leasing program, BOEM said in a press statement.The sale would include all available unleased areas in federal waters of the Gulf of Mexico that are not subject to Congressional moratorium.“Offshore energy development is about furthering America’s energy security…
W&T Strikes Oil in US Gulf of Mexico
Oil and natural gas producer W&T Offshore has discovered oil at the Gladden Deep prospect in Mississippi Canyon block 800 in the deepwater Gulf of Mexico.W&T is operator of the well, which is one of 14 planned for the drilling program under the Monza JV. The company owns a 17.25% interest in the discovery.Gladden Deep is located in approximately 3,000 feet of water and was drilled to a total measured depth of 18,324 feet and encountered 201 feet of net oil pay. This single-well completion is expected to be brought online through…
BOEM Plans Gulf of Mexico Lease Sale in March
The U.S. Bureau of Ocean Energy Management (BOEM) said it will offer all available unleased areas in federal waters of the Gulf of Mexico during a region-wide lease sale scheduled for March 2019.BOEM said Lease Sale 252 will offer up 78 million acres, including approximately 14,696 unleased blocks, located from three to 231 miles offshore, in the Gulf’s western, central and eastern planning areas in water depths ranging from three to 3,400 meters.Excluded will be blocks subject to the congressional moratorium established by the Gulf of Mexico Energy Security Act of 2006; blocks adjacent to or beyond the U.S.
Smarter Energy Policy Will Broaden Offshore Recovery
For the past few years, depressed commodity prices, stricter regulatory requirements and competition from onshore development at home and from other countries offering attractive offshore lease and royalty terms have had severe impacts on new exploration in the U.S. Gulf of Mexico. Thankfully, the tide appears to finally be turning.In August, Gulf of Mexico Lease Sale 251 drew increased competition for offerings and $178 million in high bids, $53 million more than previous sale held in March. The results of the August sale reaffirm the paradoxical state of an offshore energy industry in slow recovery mode…
Signs of Recovery in the US Gulf of Mexico
Today's U.S. auction of Gulf of Mexico exploration leases drew tepid response from oil companies, but marked notable progress for an industry still in a state of recovery.“While not a barn burner, Lease Sale 251 tops the previous Gulf sale in terms of increased participation, increased competition for offerings, and bid amounts,” said Randall Luthi, president of the National Ocean Industries Association (NOIA). “In addition, bidding activity demonstrates both continued interest in deepwater tracts and renewed interest in shallow water tracts.”Luthi continued, “The operating environment in the U.S.
Gulf of Mexico Lease Sale to Test Response to Trump-era Regulations
A federal auction of exploration leases in the Gulf of Mexico next week will test energy companies' appetite for acreage after the Trump administration left royalty rates for deepwater parcels unchanged, bucking an industry call to lower them.The U.S. Gulf of Mexico has faced waning interest in recent years as competition stepped up from other basins globally, as well as from onshore shale basins and Mexico's waters in the Gulf.Oil companies had lobbied for lower royalty payments for deepwater acreage because of the projects' high cost and long lead time before production can begin.
Record U.S. Oil Offshore Lease Sale to Test Trump Energy Push
The U.S. Interior Department will hold the largest lease sale in American history in the offshore Gulf of Mexico on Wednesday, in a major test of the oil industry’s appetite for federal acreage being offered by the Trump administration. The auction of more than 77 million acres (31.2 million hectares) - an area twice the size of Florida - is part of an effort by President Donald Trump's administration to ramp up U.S. fossil fuels production by lowering royalty rates, opening up more public lands, and rolling back environmental protections. But the push comes it comes at a time U.S.
GoM Lease Sale to yield greater focus : NOIA
“The historic size of tomorrow’s Region-wide Gulf of Mexico lease sale, combined with improving market conditions and a shallow water incentive, may draw more interest from industry than we have seen in recent years. “Operators are global in nature and will bid where they believe they will get the most ‘bang for their buck’. The results of recent sales in the Mexican side of the Gulf of Mexico demonstrate that the United States cannot tread water by offering the same acreage time and time again without additional incentives. The good news is that as commodity prices and market conditions have slowly improved…
BOEM Oil and Gas Lease Sale: 48m Acres
The Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper announced the bureau will offer more than 48 million acres offshore Louisiana, Mississippi, and Alabama for oil and gas exploration and development, in a lease sale that will include all available unleased areas in the Central Planning Area (CPA). “As one of the most productive basins in the world, the Gulf of Mexico remains an important component of our domestic energy strategy to create jobs, foster economic opportunities, and reduce America’s dependence on foreign oil,” Hopper said. BOEM will livestream Central Gulf of Mexico Lease Sale 247 on March 22, 2017.
Central Gulf of Mexico Acreage up for Grabs - BOEM
As part of the Obama Administration's continued commitment to safe and responsible domestic energy production, Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper today announced the bureau will offer approximately 47 million acres offshore Louisiana, Mississippi, and Alabama for oil and gas exploration and development in a lease sale that will include all available unleased areas in the Central Planning Area (CPA). Proposed Central Gulf of Mexico Lease Sale 247, scheduled to take place in New Orleans in March of 2017…
Small Gulf Sale Reflects Industry Commitment Under Difficult Conditions
“While disappointing, the results of this lease sale are not surprising and accurately reflect the current environment of low commodity prices and increasing regulatory changes and uncertainty. The entire oil and natural gas industry, particularly the offshore segment, is understandably being very cautious about spending money. The companies that did participate in this sale should be appreciated for their faith in a bright energy future and in the potential of the Gulf of Mexico in spite of discouraging market and other conditions. “Each lease purchased shows a commitment to job creation, economic growth and increased energy security.
US to Open Bids for Gulf of Mexico Lease Sale
The U.S. Bureau of Ocean Energy Management (BOEM) said it is set to conduct a Gulf of Mexico Western Planning Area Lease Sale 246 on Wednesday, August 19 at the Mercedes-Benz Superdome in New Orleans. Doors open at 7:30 and bid reading begins at 9 a.m. CDT. As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Lease Sale 246 is the eighth offshore sale under the Administration’s Outer Continental Shelf Oil and Gas Leasing Program for 2012-2017 (Five Year Program).
Gulf Lease Sale Will Provide Economic, Energy Benefits -NOIA
U.S. Gulf lease sale will provide economic and energy benefits even in tough times for the industry, according to National Ocean Industries Association (NOIA) President Randall Luthi. “We look forward to tomorrow’s Western Gulf of Mexico lease sale, but do not anticipate jaw-dropping results under current conditions. Low commodity prices, uncertainty over new regulations, including the proposed BOP/well control rule, and the trend of increasing litigation over permitting and leases are among the factors converging to discourage operators from vigorous bidding.
NOIA Supports DOI’s Upcoming Offshore Lease Sale
National Ocean Industries Association (NOIA) president Randall Luthi today voiced his support for the U.S. Department of Interior’s (DOI) Western Gulf of Mexico Lease Sale scheduled for next week. “The call to delay next week’s Department of the Interior Western Gulf of Mexico oil and natural gas lease sale shows how out of touch with energy reality and the American people some extremist environmental groups are,” Luthi said in a statement issued today. “Due to low oil prices and increasing regulatory burden, this is not expected to be a momentous sale, but even so, the oil and gas industry will add hundreds of thousands of dollars to the U.S. Treasury.
Statoil Adds Acreage in Gulf of Mexico
Statoil announced today that it successfully bid on 14 leases in the U.S. Department of the Interior’s central region Gulf of Mexico lease sale 235, which occurred in New Orleans, LA. “The acreage high bid today, completes our ownership of the Monument prospect, brings additional prospects in to our portfolio and strengthens our position in prioritised areas of the US Gulf of Mexico,” says Jez Averty, Statoil’s senior vice president, exploration for North America. Statoil's winning bids are subject to review and final approval by the authorities.
BOEM to Lease 21M Acres for Gulf Oil Exploration
The Bureau of Ocean and Energy Management (BOEM) is offering more than 21 million acres offshore Texas for oil and gas exploration and development, the bureau announced today. BOEM will make the acreage available in a lease sale that will include all available unleased areas in the Western Gulf of Mexico Planning Area. The sale is part of the Obama administration's "all-of-the-above" energy strategy to expand safe domestic oil production. The proposed Western Gulf of Mexico Lease Sale 246, scheduled to take place in New Orleans in August of 2015…
BOEM Proposes O&G Lease Sale in Gulf of Mexico
As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Bureau of Ocean Energy Management (BOEM) Acting Director Walter Cruickshank today announced that the bureau will offer 40 million acres offshore Louisiana, Mississippi and Alabama for oil and gas exploration and development in a sale that will include all available unleased areas in the Central Gulf of Mexico Planning Area. Proposed Central Gulf of Mexico Lease Sale 235, scheduled to take place in New Orleans…
High Bids in Western GofM Lease Sale
U.S. Government agency BOEM informs that Western Gulf of Mexico Lease Sale 238 attracted US$109,951,644 million in high bids for 81 tracts covering 433,823 acres on the U.S. Outer Continental Shelf offshore Texas. A total of 14 offshore energy companies submitted 93 bids. “This sale underscores the President’s commitment to create jobs and home-grown energy through the safe and responsible exploration and development of offshore energy resources,” said Interior Deputy Secretary Mike Connor. The lease sale, which offered 21.6 million acres…
GoM Sale Yields $110m in High Bids
As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,951,644 million in high bids for 81 tracts covering 433,823 acres on the U.S. Outer Continental Shelf offshore Texas. A total of 14 offshore energy companies submitted 93 bids. “This sale underscores the President’s commitment to create jobs and home-grown energy through the safe and responsible exploration and development of offshore energy resources,” said Interior Deputy Secretary Mike Connor.
