BOEM lease sale to offer 21 million acres in Gulf of Mexico for oil, gas development

Posted on 21 July 2014

The US Bureau of Ocean Energy Management (BOEM) will offer more than 21 million acres offshore Texas for oil and gas exploration and development in a lease sale that will include all available unleased areas in the Western Gulf of Mexico (GOM) Planning Area, BOEM Acting Director Walter Cruickshank said. “As one of the most productive basins in the world, the Gulf of Mexico is a critical component of the nation’s domestic energy portfolio… This lease sale underscores our commitment to make millions of acres of federal waters available for safe and responsible exploration and development. The decision to move forward with this lease sale follows extensive environmental analysis, public input and consideration of the best scientific information available.”

Western GOM Lease Sale 238, to be held in New Orleans, La., on 20 August 2014, will be the sixth offshore sale under the administration’s Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2012-2017. This sale builds on the first five sales in the program, which have offered more than 60 million acres and netted nearly $2.3 billion.

Sale 238 will include approximately 4,026 blocks, covering roughly 21.6 million acres, located from nine to 250 miles offshore, in water depths ranging from 16 to more than 10,975 ft (5 to 3,346 m).

BOEM estimates the proposed lease sale could result in the production of 116 million to 200 million bbl of oil and 538 billion to 938 billion cu ft of natural gas.

BOEM will offer blocks located, or partially located, within the three statute mile US-Mexico Boundary Area, as well as blocks within the former Western Gap that lie within 1.4 nautical miles north of the Continental Shelf Boundary (1.4-nautical mile buffer) between the US and Mexico, subject to the terms of the US-Mexico Transboundary Hydrocarbon Agreement.

As of July 2014, BOEM has administered more than 6,100 active oil and gas leases covering nearly 34 million OCS acres. In 2013, oil and gas leases on the OCS accounted for approximately 18% of domestic oil production and 5% of domestic natural gas production.

All terms and conditions for Western Sale 238 are detailed in the Final Notice of Sale information package. Click here for more information. 

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 21 October 2014

    IADC Cybersecurity Task Group to provide industry guidance to assess risks

    The oil and gas industry is not immune to cybersecurity threats, from computer viruses and malware to targeted attacks. The IADC Advanced Rig Technology (ART) Committee…

  • 21 October 2014

    Check-6 launches RIGOR digital checklist and compliance system

    Check-6 has launched RIGOR, a checklist-based mobile app to help simplify complex procedures and mitigate human error on the rig. Taking lessons from the aviation industry…

  • 21 October 2014

    Video: Next IADC Land Contract update to start in 2016

    The latest version of the IADC Land Contract was released in November 2013. Various incidents, including Macondo, delayed the release. “It’s an industry contract…

  • 21 October 2014

    Moomjian: ‘Honesty is the best policy in doing business’

    With more than 35 years in industry, Cary Moomjian, President of CAM OilServ Advisors, has seen the industry come a long way in terms of compliance and business ethics...

  • 21 October 2014

    Video: Companies prepare for EU Offshore Safety Directive compliance

    Earlier this year, Sir Ian Wood released a report on maximizing recovery from the UK Continental Shelf and recommended a new independent regulator to focus more on licensing…

  • Read more news