Gulf Lease Sale Attracts $487.2m in Bids
Secretary of the Interior Dirk Kempthorne announced that the Western Gulf of Mexico Oil and Gas Lease Sale 207, held in New Orleans, attracted $487,297,676 in high bids. The sale was conducted by Interior’s Minerals Management Service (MMS) and had 53 companies submitting 423 bids on 319 tracts comprising over 1.8 million acres offshore Texas. The sum of all bids received totaled $607,134,968. “In the midst of the national discussion about energy production, the activity at today’s sale signals that the offshore oil and gas industry is serious about developing our Nation’s resources,” said Interior Secretary Dirk Kempthorne. Approximately 17 percent of the tracts receiving bids are in ultra-deep water (more than 1,600 meters).
Federal Lease Sale Draws Second Highest Bid Totals
The U.S. Department of the Interior’s Minerals Management Service recent central Gulf of Mexico lease sale received 1,428 bids on 723 tracts, attracting $2.9 billion in high bids – the second highest total in U.S. leasing history. Secretary of the Interior Dirk Kempthorne, who officially opened the sale, said the bids made a statement concerning the future of the Gulf of Mexico. “This historic sale emphasizes the Gulf’s strategic value for America’s energy security and the significant economic benefits of environmentally safe oil and gas production for the nation and the Gulf states,” Kempthorne said. The Gulf accounts for about a quarter of domestically produced oil and 15 percent of domestically produced natural gas in the nation.
Major Offshore Tracts to be Opened
Secretary of the Interior Dirk Kempthorne announced a major federal initiative to boost oil and natural gas production on the U.S. Outer Continental Shelf in the Gulf of Mexico and off Alaska. The program could produce 10 billion barrels of oil and 45 trillion cubic feet of natural gas over 40 years, generating almost $170 billion. “The Outer Continental Shelf is a vital source of domestic oil and natural gas for America, especially in light of sharply rising energy prices and increasing demand for these resources,” Kempthorne said. Interior’s Minerals Management Service developed the initiative, known as the Five Year Outer Continental Shelf Oil and Gas Leasing Program, to guide domestic energy leasing on the OCS from 2007 to 2012. The program proposes 21 lease sales in 8 planning areas.
Increased Funding Sought for Coastal and Marine Conservation
The Bush Administration announced major budget increases totaling more than $140 million to support coastal and marine conservation efforts in Fiscal Year 2008, and released the administration's Ocean Research Priorities Plan and Implementation Strategy. U.S. Commerce Secretary Carlos M. Gutierrez, U.S. Interior Secretary Dirk Kempthorne, Chairman of the White House Council on Environmental Quality James L. Connaughton, Director of the White House Office of Science and Technology Policy Dr. John H. Marburger, III, and Director of the National Science Foundation (NSF) Dr. Arden Bement made the announcements today at the White House. The…
