Extra Time for Deep-Water Leases

Friday, June 10, 2011

The Obama administration will give oil and gas companies an extra year to develop their deep-water leases to make up for delays caused by last year's Gulf spill and the subsequent moratorium on some offshore drilling. According to a government official, the extensions will be available for non-producing leases in at least 500 feet of water that expire before Dec. 31, 2015.

Source: Houston Chronicle

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