Western Gulf of Mexico: 21 Million Acres up for O&G Development

MarineLink.com
Tuesday, August 27, 2013

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) Director Tommy P. Beaudreau announced that BOEM will hold a lease sale tomorrow that will make nearly 21 million acres offshore Texas available for oil and natural gas exploration and development.

BOEM estimates that Western Gulf of Mexico Lease Sale 233 could lead to the production of up to 200 million barrels of oil and 938 billion cubic feet of natural gas. During tomorrow’s lease sale, BOEM will open 61 bids submitted by 12 companies on 53 offshore blocks.

“Safe and responsible development of the Gulf of Mexico’s vital energy resources will continue to help power our nation and drive our economy, generating jobs, fostering economic opportunities for local communities and reducing America’s dependence on foreign oil,” said Beaudreau. “This sale underscores the Administration’s continuing commitment to promote domestic energy production through strengthened worker safety programs and environmentally-sound exploration and development of the nation’s domestic oil and gas resources.”

As part of the Obama Administration’s strategy, domestic oil and gas production has grown each year the President has been in office, with domestic oil production currently higher than any time in two decades; natural gas production at its highest level ever; and renewable electricity generation from wind, solar, and geothermal sources having doubled. Combined with recent declines in oil consumption, foreign oil imports now account for less than 40 percent of the oil consumed in America – the lowest level since 1988.

Tomorrow’s lease sale, which will be held at the Mercedes-Benz Superdome in New Orleans starting at 9:00 a.m. CDT, offers 3,864 blocks, located from nine to 250 miles offshore, in water depths ranging from 16 to more than 10,975 feet (five to 3,346 meters). The acreage includes all available unleased or non-protected areas in the Western Gulf of Mexico Planning Area. It will be the third of 12 Gulf of Mexico sales under the Administration’s new Outer Continental Shelf Oil and Gas Leasing Program for 2012-2017, and the second of five Western Gulf of Mexico lease sales that will be held under the program.

The sale builds on the first two auctions in the current Five Year Program – a 39-million-acre sale held in March, which netted almost $1.2 billion high bids; and a 20-million-acre sale held last November that netted nearly $134 million. Announced in June 2012, the Five Year Program makes all of the offshore areas with the highest conventional resource potential available for exploration and development.  Together, this includes more than 75 percent of the Nation’s undiscovered, technically recoverable offshore oil and gas resources.

BOEM established the terms for the sale after extensive environmental analysis, public comment and consideration of the best scientific information available. Lease terms include 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. 

The terms also continue a range of incentives to encourage diligent development and ensure a fair return to taxpayers, including an increased minimum bid for deepwater tracts, escalating rental rates and tiered durational terms with relatively short base periods followed by additional time under the same lease if the operator drills a well during the initial period.

Following the bid reading, Gulf of Mexico Regional Director John Rodi will hold a media availability to discuss the sale results.  The Final Notice of Sale for Western Gulf of Mexico Sale 233 details the lease terms and conditions, as well as all the environmental stipulations for this sale, is available at: http://www.boem.gov/Sale-233.

boem.gov
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Environmental

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

Long Beach Port Maintains Strong Bond Rating

Fitch Ratings, one of the top three U.S. credit analysis agencies, has affirmed the Port of Long Beach’s “AA” rating on its outstanding debt. Fitch stated the AA rating — its highest for U.

Hansa Offenburg, Hansa Drakenburg Sail Scale-free

Leonhardt & Blumberg was founded in 1903 and has managed more than 180 vessels, the majority of which were general cargo vessels and bulk carriers. Today the company

Energy

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

Strike Idles 38 Oil Tankers at Fos-Lavera

Some 38 oil tankers have been held up at the Fos-Lavera oil port in southern France, the country's biggest, including 25 at harbour, up from 12 the previous day,

News

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

Long Beach Port Maintains Strong Bond Rating

Fitch Ratings, one of the top three U.S. credit analysis agencies, has affirmed the Port of Long Beach’s “AA” rating on its outstanding debt. Fitch stated the AA rating — its highest for U.

Government Update

Details El Faro's Sinking Emerge from US Probe

U.S. investigators on Friday concluded two weeks of hearings into the sinking of cargo ship El Faro in a hurricane last fall that included reports the vessel had

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

Offshore Energy

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

VOS Sugar First Charter

The newest addition to Vroon’s fleet, subsea-support vessel (SSV) VOS Sugar, recently started work in the BARD Offshore 1 Offshore Wind Farm (OWF). The vessel

China COSCO Moving to Offshore Winds

China COSCO Shipping, which uses bulk carriers and container vessels to transport goods, has seen its cargo business decline amid China's slowdown and has decided

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1385 sec (7 req/sec)