Gulf of Mexico Lease Sale Reflects Today’s Depressed Offshore Market

Photo: Shutterstock/Lukasz Z

  The Department of the Interior’s latest oil and gas lease sale covering nearly 22 million acres in the western Gulf of Mexico drew little interest from offshore companies on Wednesday, reflecting weakened market conditions driven by the plunge in oil prices. The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) Lease Sale 46 was held Wednesday … [Read more...]

Western Gulf of Mexico Lease Sale Yields $102.4 Million in High Bids

BP's Atlantis platform in deepwater Gulf of Mexico.  Photo (c) BP Plc

The U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM) on Wednesday held Western Gulf of Mexico Lease Sale 233, which offered up 20.7 million acres and attracted $102,351,712 in high bids for 53 tracts covering 301,006 acres on the U.S. Outer Continental Shelf (OCS) offshore Texas. A total of 12 offshore energy companies submitted 61 bids. Sale … [Read more...]

38 Million Central Gulf Acres To Be Auctioned Off

The central planning area of the U.S. Gulf of Mexico. Image: BOEM

Secretary of the Interior Ken Salazar and Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau announced Monday that 38 million unleased acres in the Central Gulf of Mexico will be auctioned off for oil and gas exploration and development in the United States'  latest lease sale. The sale builds on two major Gulf of Mexico lease sales in the last year – … [Read more...]

U.S. Finalizes Five Year Oil and Gas Leasing Plan

Yellow's a go, blue's a no.

WASHINGTON--The U.S. Interior Department Thursday finalized plans to lease new tracts in the Gulf of Mexico and off the Alaska coast for offshore oil and natural-gas exploration in a move that fell short of industry hopes but also irked environmentalists. The five-year plan, which generally follows a proposal made late last year, outlines the government's lease objectives … [Read more...]

Back in Business: First Central GoM Lease Sale Since Deepwater Horizon Raises Record Figure

Lease Sale 216/222 focused on the central planning area of the U.S. Gulf of Mexico. Image: BOEM

HOUSTON--U.S. Interior Secretary Ken Salazar said Wednesday that the first lease sale in the central U.S. Gulf of Mexico since the Deepwater Horizon oil spill drew $1.7 billion in winning bids from energy companies. The central area of the Gulf is considered the most promising by the oil and gas industry, and has yielded a huge bounty of oil in the past two decades. It is … [Read more...]

38 Million Acres Up For Grabs in Latest (and Last) GoM Lease Sale

us-department-interior-logo

NEW ORLEANS — The Obama administration today announced that the Department of the Interior's Bureau of Ocean Energy Management (BOEM) will hold the consolidated Central Gulf of Mexico Lease Sale 216/222 in New Orleans on June 20, 2012. The sale will include all available unleased areas in the Central Planning Area offshore Louisiana, Mississippi and Alabama. President … [Read more...]

Return to The Gulf: Oil Companies Scramble for Leases

The Deepwater Horizon

NEW ORLEANS (Dow Jones)--The U.S. oil-and-gas industry took another step out from the shadows of the Deepwater Horizon disaster on Wednesday when federal officials unsealed the first bids for drilling leases in the Gulf of Mexico since the deadly April 2010 accident. Some 21 million acres of federal waters--an area roughly the size of South Carolina--stretching hundreds of … [Read more...]