• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 1 hour Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 12 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 12 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
How Next-Gen Biomanufacturing Can Help Slash Global Emissions

How Next-Gen Biomanufacturing Can Help Slash Global Emissions

Osaka University researchers have developed…

BOEM To Hold Oil, Gas Lease Sale On March 29

The BOEM issued on Thursday its final notice for the oil and gas lease sale in the Gulf of Mexico on March 29, 2023, as required by the Inflation Reduction Act of 2022.

The BOEM is offering up for sale 13,600 blocks across 73.3 million acres for Lease Sale #259, covering Western, Central, and Eastern Planning Areas on the Outer Continental Shelf.

The Inflation Reduction Act gave the BOEM until March 31 to hold the sale.

“BOEM’s proposed economic terms are designed to encourage diligent development while ensuring fair market value to taxpayers and maintaining compliance with the IRA. A full list of terms and conditions are in the Final Notice of Sale (FNOS). As indicated in the FNOS, the lease sale is specific for oil and gas exploration and development, not other uses,” BOEM’s press release stated.

The Gulf of Mexico is America’s primary offshore source of oil and gas, generating about 97% of all oil and gas production on the U.S. Outer Continental Shelf. The Gulf of Mexico federal offshore oil production accounts for 15% of total U.S. crude oil production, while federal offshore natural gas production in the Gulf accounts for 5% of total U.S. dry production, per estimates from the Energy Information Administration (EIA). Around 47% of all U.S. refining capacity is positioned along the U.S. Gulf Coast, along with 51% of the total U.S. natural gas processing plant capacity.

Another lease sale must be held no later than September 30, 2023, according to the IRA.

The subject of oil and gas lease sales has created more tension between the Biden Administration and the oil and gas industry, with President Biden saying on the campaign trail that there would be “no more drilling”, and the oil and gas industry pressing for more clarity on future lease sales.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News