BOEM: 38 Million-Acre Oil &Gas Lease Sale in the Central GOM

MarineLink.com
Monday, September 24, 2012

Secretary of the Interior Ken Salazar and Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau announced that BOEM will offer 38 million acres in the Central Gulf of Mexico for oil and gas exploration and development.

Thesale will build on two major Gulf of Mexico lease sales in the last year – a 21 million acre sale held last December and a 39 million acre sale held in June. Proposed Lease Sale 227, scheduled to take place in New Orleans on March 20, 2013, will offer all unleased areas in the Central Gulf of Mexico Planning Area, offshore Louisiana, Mississippi, and Alabama and could lead to the production of up to nearly a billion barrels of oil and nearly 4 trillion cubic feet of natural gas. This will be the second sale under the Administration’s new Outer Continental Shelf Oil and Gas Leasing Program for 2012-2017 and the first of five annual Central Gulf lease sales. Announced in June, the Five Year Program makes offshore areas with more than 75% of the technically recoverable oil and gas resources available for exploration and development, consistent with President Obama’s commitment to continue to expand domestic energy production and reduce America’s dependence on foreign oil.
“The Obama Administration is fully committed to developing our domestic energy resources to create jobs, foster economic opportunities, and reduce America’s dependence on foreign oil,” Secretary Salazar said. “We are moving full speed ahead on the President’s all-of-the-above energy strategy because the exploration and development of the Gulf of Mexico’s vital energy resources will continue to help power our nation and drive our economy.”
Lease Sale 227 encompasses about 7,250 unleased blocks covering approximately 38 million acres. The blocks are located from three to about 230 miles offshore, in water depths ranging from nine to more than 11,115 feet (three to 3,400 meters). BOEM estimates the proposed lease sale could result in the production of 0.46 billion to 0.89 billion barrels of oil and 1.9 trillion cubic feet to 3.9 trillion cubic feet of natural gas.
“This proposed sale is another important step to promote responsible domestic energy production through the safe, environmentally sound exploration and development of the Nation’s offshore energy resources,” said BOEM Director Tommy P. Beaudreau.
This sale will build on successful lease sales that BOEM has held within the past year. Western Gulf Lease Sale 218, held in December 2011, made 21 million acres available, and received high bids on tracts covering about one million acres, netting nearly $325 million. Central Gulf Lease Sale 216/222, held in June 2012, covered nearly 39 million acres, and attracted more than $1.7 billion in high bids for more than 2.4 million acres. The next sale, Western Gulf of Mexico Lease Sale 229, announced earlier this year, will take place in New Orleans on Nov. 28, 2012.
BOEM conducted an extensive environmental review and published a Final Environmental Impact Statement with analysis to support decision-making for proposed Lease Sale 227 and other Western and Central Gulf of Mexico lease sales scheduled under the new Five Year Program. The terms of this sale include conditions to ensure both orderly resource development and protection of the human, marine and coastal environments. These 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 proposed terms also continue to include a range of incentives to encourage diligent development and ensure a fair return to taxpayers. In addition, BOEM has implemented a new, streamlined format for sale notices, beginning with this sale, making the document more user-friendly and accessible to the public.
Proposed terms and conditions for the sale are available at: www.boem.gov/sale-227.
The Notice of Availability of the Proposed Notice of Sale can be viewed today in the Federal Register at: https://www.federalregister.gov/public-inspection. Copies can also be requested from the Gulf of Mexico Region’s Public Information Office at 1201 Elmwood Park Boulevard, New Orleans, LA 70123, or at 800-200-GULF (4853). All terms and conditions for Lease Sale 227 will be finalized when the Final Notice of Sale is published at least 30 days prior to the Sale.

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Reps. Byrne and Palazzo Visit Ingalls Shipbuilding

Reps. Bradley Byrne, R-Ala., and Steven Palazzo, R-Miss., visited Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division Wednesday. The congressmen,

Damen Opens JV Yard in Vietnam

On March 20, 2014, Vietnamese Minister of Transport Nguyen Hong Truong, cut the ribbon for the latest addition to Damen Shipyard Group’s portfolio. Damen Song Cam is a new yard,

HHI to Deploy 3DEXPERIENCE Design Platform

Hyundai Heavy Industries Selects Marine & Offshore Industry Solution Experiences for Design and Engineering of Offshore Structures Dassault Systèmes, the 3DEXPERIENCE Company,

Ship Repair & Conversion

Damen Opens JV Yard in Vietnam

On March 20, 2014, Vietnamese Minister of Transport Nguyen Hong Truong, cut the ribbon for the latest addition to Damen Shipyard Group’s portfolio. Damen Song Cam is a new yard,

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Canadian Icebreaker Refit Contracts Awarded

The Canadian Government informs it has awarded a $6.5 million contract to Babcock Canada Inc. for critical refit work for Canadian Coast Guard ship 'CCGS Louis S.

Offshore

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Offshore O&G: Cuts, Delays in Norway as Costs Soar

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

Fincantieri Offshore Chooses AVEVA Software

One of the world’s largest shipbuilders uses AVEVA software to design next-generation drillship. Fincantieri Offshore has signed a contract with AVEVA to implement

Energy

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Imperial: Decision on Canadian LNG Project Distant

Imperial Oil Ltd said on Thursday it is not yet close to deciding on whether it will go ahead with a Canadian liquefied natural gas export plant it is exploring

OSI to Integrate Software for UK Royal Navy

OSI Maritime Systems (OSI) announced the signing of a contract to integrate its flagship software, ECPINS-W Sub, into the U.K. Royal Navy’s T45 Destroyer Integrated Bridge System (IBS).

Government Update

Reps. Byrne and Palazzo Visit Ingalls Shipbuilding

Reps. Bradley Byrne, R-Ala., and Steven Palazzo, R-Miss., visited Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division Wednesday. The congressmen,

Offshore O&G: Cuts, Delays in Norway as Costs Soar

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

Court: Japan's Mitsui Paid to Release Ship

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Repair Sonar
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: 0.1987 sec (5 req/sec)