Moratorium Off Florida Coast
In addition to the annual Central Gulf lease sales, the Minerals Management Service, part of the U.S. Interior Department, also holds an annual lease sale in the Western Gulf. Lease sales in the Central Gulf typically attract more bids than those in the Western Gulf because the region is richer in oil and gas and more discoveries have been made there. Shallow water drew most attention in the latest Central Gulf lease sale, with bids received on 338 blocks in depths up to 656 ft.. High bids totaled $167.5 million. Bids were received on 157 blocks in depths of over 2,624 ft., with high bids totaling $274.2 million. Companies also bid on 52 blocks in intermediate depths, with high bids amounting to $63.7. million. — (Reuters)
BOEM: 38 Million-Acre Oil &Gas Lease Sale in the Central GOM
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.
Harvey Gulf Lease Property at Port of Fourchon
Harvey Gulf International Marine, Inc., has completed the leasing of property in the Port of Fourchon for the support of operations in the deep waters and the shelf of the U.S. Gulf of Mexico. Harvey Gulf plans to upgrade the existing property to support their fleet of offshore towing, supply and diving vessels with Dynamic Positioning Capability. This property will also be capable of supporting other operators in the U.S. Gulf of Mexico. These conversions will be completed by November 2006, and will enhance the company’s position as the industry leader.
Salazar to Open Western GOM Lease Sale 218
Department of the Interior Secretary Ken Salazar will open Western Gulf of Mexico Lease Sale 218 in New Orleans today at 9 a.m. CST at the Mercedes-Benz Superdome with brief remarks. The sale, held by the Bureau of Ocean Energy Management (BOEM), has attracted 241 bids submitted by 20 companies on 191 tracts offshore Texas, compared to 189 bids submitted by 27 companies on 162 tracts during the previous Western Gulf Lease sale in August 2009. Blocks are located in federal waters from nine to more than 250 miles offshore, in water depths of about 16 feet (five meters) to more than 10,975 feet (3,346 meters). BOEM estimates that this sale could result in production of approximately 222 to 423 million barrels of oil and 1.49 to 2.65 trillion cubic feet of natural gas.
BOEM Proposes Central Gulf of Mexico Lease Sale
As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, the Bureau of Ocean Energy Management (BOEM) today announced that it will hold Gulf of Mexico Central Planning Area (CPA) oil and gas lease sale 231 in New Orleans on March 19, 2014. The sale is the second CPA lease sale and the fourth overall sale under the 2012 – 2017 Outer Continental Shelf Oil and Natural Gas Leasing Program. The auction will offer 39 million acres offshore Louisiana, Mississippi, and Alabama, include all available unleased areas in the CPA.
EPA Banning of BP Contracts: NOIA & IADC Comment
NOIA and IADC see broad, far reaching negative Impacts from EPA suspension of BP from US Government offshore contracts. The national trade associations, the National Ocean Industries Association (NOIA) and International Association of Drilling Contractors (IADC) consider that banning BP from bidding in future offshore lease sales could have a hugely negative ripple effect on drilling contractors and the rest of the offshore industry as well as the Gulf region, and even the Federal government. The offshore oil and gas industry, which is based almost entirely in the Gulf of Mexico, supported over 200,000 American jobs in 2010 and contributed nearly $80 billion in revenues to the Federal government from 2001-2010.
MMS Begins Planning Process to Conduct Eastern Gulf Lease Sale 181
The U.S. Department of the Interior's Minerals Management Service (MMS) is beginning a three-year planning process for conducting a Federal natural gas and oil lease sale in Federal waters in the Eastern Gulf of Mexico Planning Area. The first step in this process is the Call for Interest and Information (Call) and the Notice of Intent (NOI) to prepare an Environmental Impact Statement (EIS) for proposed Lease Sale 181, 15 miles offshore Alabama and 100 or more miles offshore Florida. Sale 181, tentatively scheduled for December 2001, is an area identified as available for leasing in the 1997-2002 Outer Continental Shelf (OCS) Oil and Gas five-year Leasing Program.
Interest Declining In Offshore Acreage Leases
Preliminary results of the latest government sale of offshore oil and natural gas exploration acreage leases in the U.S. Gulf of Mexico show a decline in oil company interest in the properties, officials from the U.S. Mineral Management Service (MMS) said on Tuesday. The latest sale, the Western Gulf Lease Sale 174, received 177 bids from 37 companies on a total of 153 acreage tracts. Bids in the previous sale, held in March, resulted in 272 bids from 67 companies for 207 tracts. The sales are held twice annually, the first for acreage in the central Gulf and the second in the west for acreage offshore Texas and Louisiana. Gulf of Mexico…
Kerr McGee Big Spender in Gulf of Mexico Lease Sale
Oklahoma-based Kerr-McGee Corp emerged as the biggest spender in a Gulf of Mexico offshore oil and gas lease sale that raised half a billion dollars, according to the U.S. Minerals Management Service. Central Gulf lease sale 178 for exploration blocks off the coast of Louisiana, Mississippi and Alabama raised a total of $505.5 million, up from $300.6 million at the previous lease sale for the Central Gulf in March 2000. Kerr-McGee accounted for more than 10 percent of the total amount raised at the sale in New Orleans, submitting 32 of the high bids with a combined value of $55.9 million. Oil and gas companies, enjoying increased cash flows as a result of strong energy prices, submitted 780 bids on 547 blocks, up from 469 bids on 344 blocks in last year’s sale.
Central GOM Lease Sale 213 Results
Central Gulf of Mexico Oil and Gas Lease Sale 213, held on March 17 in New Orleans, attracted $949,265,959 in high bids. The sale was conducted by Interior’s Minerals Management Service (MMS) and had 77 companies submitting 642 bids on 468 tracts comprising over 2.4 million acres offshore Louisiana, Mississippi and Alabama. The sum of all bids received totaled $ 1,300,075,693. “The bidding activity at today’s sale speaks to the future of deepwater Gulf in providing vital energy production for the nation,” said Lars Herbst, MMS Gulf of Mexico regional director. A total of 151 tracts in water depths less than 656 feet received bids. This represents 32 percent of all tracts receiving bids, an increase of five percent from last year’s Central Gulf lease sale.
GoM Energy Workers Testify Need of Offshore Lease Sales
Two members of the Gulf Economic Survival Team testified at a U.S. House Natural Resources Subcommittee on Energy & Mineral Resources Oversight hearing. Two members of the Gulf Economic Survival Team – Chett Chiasson, Executive Director of the Greater Lafourche Port Commission and Cory Kief, Director of Business Development for Crosby Tugs – testified on behalf of the offshore industry.The hearing examined the economic importance and energy contribution of the industry, as well as the need to support industry growth through appropriate policies, including robust lease sales. Port Fourchon director Chiasson testified about the importance…
MMS Issues Final Notice of Central Gulf Lease Sale 198
The Minerals Management Service (MMS) has announced the Final Notice of Lease Sale 198 for offshore oil and gas in the Central Gulf of Mexico (GOM). The lease sale is scheduled for March 15, 2006, in New Orleans. The lease sale encompasses 4,040 unleased blocks of approximately 21.3 million acres in the Outer Continental Shelf (OCS) Planning Area offshore Louisiana, Mississippi, and Alabama. The blocks are located from three to about 210 miles offshore in water depths of four to more than 3,400 meters. MMS estimates the lease sale could result in the production of between 276 to 654 million barrels of oil and 1.59 to 3.30 trillion cubic feet of natural gas.
Central GOM Lease Sale
Secretary of the Interior Ken Salazar announced the Department will hold an oil and natural gas lease sale for the Central Gulf of Mexico Outer Continental Shelf that will offer nearly 36 million acres and could produce up to 1.3 billion barrels of oil and 5.4 trillion cubic feet of natural gas. “As we build a comprehensive energy strategy for our nation, we are moving ahead both with environmentally-responsible renewable energy development on public lands and appropriate oil and natural gas exploration and development onshore and offshore,” said Secretary Salazar. Interior’s Minerals Management Service has proposed that oil and gas Lease Sale 213 for the Central Gulf of Mexico Planning Area be held March 17, 2010.
Final Details for Upcoming Central GOM O&G Lease Sale
New Orleans -- Today the Obama Administration provided final details for the Central Gulf of Mexico lease sale announced by President Obama in January 2012, as part of his administration’s ongoing focus on expanding safe and responsible production of our domestic energy sources. Secretary of the Interior Ken Salazar and Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau today announced the Final Notice of Sale for a June 20, 2012 lease sale that will make available all unleased areas in the Central Gulf of Mexico Planning Area, offshore Louisiana, Mississippi and Alabama, including 7,276 blocks on about 38.6 million acres. The sale will take place at the Mercedes-Benz Superdome in New Orleans.
Judge Hears Arguments on Gulf Leases
A judge on August 8 did not immediately rule on a request by Gov. Kathleen Blanco to block an upcoming sale of federal natural gas and oil leases in the western Gulf of Mexico. The lawsuit seeks to stop the Minerals Management Service from selling 4,000 blocks of ocean bottoms on August 16. The suit claims that the federal government has not done enough to ensure that offshore drilling does not do unacceptable environmental damage to Louisiana's wetlands. Blanco's lawyers asked U.S. District Judge Kurt Englehardt for a temporary injunction to stop the sale, but Englehardt took the case under advisement and said he would rule on on August 11 or August 14. He gave no indication how he might rule.
As US Opens Up Offshore Waters, Eastern GoM Beckons
President Donald Trump's administration has proposed opening up nearly all of America's offshore waters to oil and gas drilling, but the industry says it is mainly interested in one part of it, now cordoned off by the Pentagon: the eastern Gulf of Mexico. The industry's focus on an area located near a sprawling network of existing platforms, pipes and ports could ease the path to new reserves, and assuage the drilling opponents near other places offered under the Interior Department's proposed drilling plan issued last week, like California's Pacific, the Atlantic and Arctic.
Trump Aims to Open Nearly All US Offshore to Oil Drilling
The Trump administration on Thursday proposed opening nearly all U.S. offshore waters to oil and gas drilling, a move aimed at boosting domestic energy production that sparked protests from coastal states, environmentalists and the tourism industry. The effort to open previously off-limits acreage in the Atlantic, Arctic and Pacific oceans comes less than eight years after BP Plc's Deepwater Horizon oil spill in the Gulf of Mexico - the largest in American history. The disaster…
Global Ship Lease Eyes Acquisitions
The London-based Global Ship Lease (GSL) said that it is well-positioned as one of few publicly listed containership leasing companies to acquire attractive portfolios of ships, attract growth capital or find a complementary merger partner. The containership charter owner has engaged Evercore to act as financial advisor to assist in reviewing strategic alternatives focused on maximizing shareholder value. GSL has successfully refinanced of all of the its indebtedness in October 2017 and with a strengthening market backdrop.
FSL Trust Sells Vessel to Trim Debt
FSL Trust Management, as trusteemanager of First Ship Lease Trust (FSL Trust), announces that the Trust has sold its chemical tanker, FSL Tokyo, for a cash consideration of US$13.8 million. FSL Tokyo is a 2006, Japanese-built, 20,938 DWT chemical tanker that has been deployed in the spot market. The net proceeds from this Disposal will be applied in full to the outstanding loan facility in 1Q2018. FSL Trust will record a related impairment charge of approximately US$9.0 million in 4Q2017.
Global Ship Lease Extends TC with CMA CGM
Global Ship Lease, a containership charter owner, announced that it has agreed to an extension of its charter with CMA CGM for the GSL Tianjin, a 2005-built, 8,063 TEU containership. The vessel will be chartered for a period of eight to twelve months (at the charterer's option) at a fixed rate of $11,900 per day, commencing in direct continuation from its current charter on January 26, 2018. Ian Webber, Chief Executive Officer of Global Ship Lease, commented, "We are pleased to have secured this extension with CMA CGM for the continued employment of the GSL Tianjin.
NOIA Optimism on Gulf of Mexico Oilfield Sales
Overall, compared to the last two years, we are seeing a positive trend for the offshore industry in the Gulf of Mexico, and we are looking forward to Wednesdays lease sale with cautious optimism. Not only is this the first Central Gulf of Mexico sale in two years and the last lease sale in the current five year OCS leasing plan, but the 2012-2017 plan is not yet out, so it is unclear when the next Central Gulf sale will occur. These factors likely point to pent-up demand and interest in leases. If you consider a few big discoveries in the Central Gulf over the past few years, such as Chevrons Hadrian discovery and BPs Tibor and Kaskida discoveries in deepwater and McMorans Davey Jones discovery in shallow water, there may be heavy interest in both deepwater and shallow water blocks.
First Ship Lease Trust Sells Containership Vessel Us$6.2 Mln
First Ship Lease Trust has sold its containership, FSL Busan, for a cash consideration of USD $6.2million. The compnay will record a gain on disposal of about USD $0.75 million, in 1Q 2018.
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.