• 23 mins WTI At 7-Month High On Supply Optimism, Kurdistan Referendum
  • 7 hours Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil
  • 12 hours Petrobras Creditors Agree To $6.22 Billion Debt Swap
  • 16 hours Cracks Emerge In OPEC-Russia Oil Output Cut Pact
  • 20 hours Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut
  • 21 hours Chevron To Invest $4B In Permian Production
  • 23 hours U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS
  • 1 day Iraq Says Shell May Not Quit Majnoon Oilfield
  • 3 days Nigerian Oil Output Below 1.8 Million BPD Quota
  • 4 days Colorado Landfills Contain Radioactive Substances From Oil Sector
  • 4 days Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal
  • 4 days Japan Court Slams Tepco With Fukushima Damages Bill
  • 4 days Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS
  • 4 days Total Joins Chevron In Gulf Of Mexico Development
  • 4 days Goldman Chief Urges Riyadh To Get Vision 2030 Going
  • 4 days OPEC Talks End Without Recommendation On Output Cut Extension
  • 4 days Jamaican Refinery Expansion Stalls Due To Venezuela’s Financial Woes
  • 4 days India In Talks to Acquire 20 Percent Of UAE Oilfield
  • 5 days The Real Cause Of Peak Gasoline Demand
  • 5 days Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking
  • 5 days Oil Exempt In Fresh Sanctions On North Korea
  • 5 days Sudan, South Sudan Sign Deal To Boost Oil Output
  • 5 days Peruvian Villagers Shut Down 50 Oil Wells In Protest
  • 5 days Bay Area Sues Big Oil For Billions
  • 5 days Lukoil Looks To Sell Italian Refinery As Crimea Sanctions Intensify
  • 5 days Kurdistan’s Biggest Source Of Oil Funds
  • 6 days Oil Prices On Track For Largest Q3 Gain Since 2004
  • 6 days Reliance Plans To Boost Capacity Of World’s Biggest Oil Refinery
  • 6 days Saudi Aramco May Unveil Financials In Early 2018
  • 6 days Has The EIA Been Overestimating Oil Production?
  • 6 days Taiwan Cuts Off Fossil Fuels To North Korea
  • 6 days Clash In Oil-Rich South Sudan Region Kills At Least 25
  • 6 days Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction
  • 7 days India’s Oil Majors To Lift Borrowing To Cover Dividends, Capex
  • 7 days Gulf Keystone Plans Further Oil Output Increase In Kurdistan
  • 7 days Venezuela’s Crisis Deepens As Hurricane Approaches
  • 7 days Tension Rises In Oil-Rich Kurdistan
  • 7 days Petrobras To Issue $2B New Bonds, Exchange Shorter-Term Debt
  • 7 days Kuwait Faces New Oil Leak Near Ras al-Zour
  • 8 days Sonatrach Aims To Reform Algiers Energy Laws

Offshore Lease Sale Disrupted by Protestors Shouting “Shut it Down”

Offshore Lease Sale Disrupted by Protestors Shouting “Shut it Down”

Environmental groups and local activists barged into an auction being held in New Orleans on March 23, disrupting a lease sale for oil and gas drilling rights in the Gulf of Mexico.

Chanting “shut it down” and “keep it in the ground”, protesters overwhelmed government officials trying to conduct the auction. Led by environmental groups such as Rainforest Action Network and 350.org, the protesters succeeded in bringing a spectacle to the lease sale. Related: $40 Billion LNG Project In Australia Cancelled Amid Low Prices

Nevertheless, the Bureau of Ocean Energy Management (BOEM), an agency housed within the Department of the Interior, completed the sale. However, it was largely a failure.

Due to low oil prices, very few bids were submitted for tracts on the Gulf of Mexico. The lease sale only attracted $156 million across 128 blocks, the fourth worst result for the region dating back to the early 1980s. The successful bids were concentrated in the central Gulf of Mexico. A second lease sale for sections in the eastern Gulf of Mexico received no bids at all. Related: Record Loss For Petrobras As Political And Economic Crisis Worsen

BOEM put on a brave face. “As one of the most productive basins in the world, the Gulf of Mexico continues to be the keystone of the Nation’s offshore oil and gas resources,” BOEM Director Abigail Ross Hopper said in a statement. “The decline in oil prices and low natural gas prices obviously affect the industry’s short-term investment decisions, but the Gulf’s long-term value to the nation remains high and the President’s energy strategy continues to offer millions of offshore acres for development while protecting the human, marine and coastal environments, and ensuring a fair return to the American people.”

For now, low oil prices are doing much more than environmental groups to kill off interest in offshore drilling. “I think the industry is proceeding cautiously,” said Janice Schneider, Assistant Secretary for Land and Minerals Management. “When market conditions improve I think we’re going to see robust participation by the industry.”

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News