• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 1 min Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 hour Tesla Launches Faster Third Generation Supercharger
  • 14 mins Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 8 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 12 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 13 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 8 hours China's Renewables Boom Hits the Wall
  • 6 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 16 hours Iran's Master Plan?
  • 15 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 11 hours Does .001 of Atmosphere Control Earth's Climate?!

Breaking News:

Oil Rebounds On Surprise Crude Draw

Endless Economic Wars: A Major Threat For U.S. Oil Exports

Endless Economic Wars: A Major Threat For U.S. Oil Exports

The recently imposed Chinese tariffs…

The $22 Trillion Market Keeping Coal Afloat

The $22 Trillion Market Keeping Coal Afloat

Despite coal’s collapse in North…

Trump Administration Announces Huge Gulf of Mexico Oil & Gas Lease Sale

Gulf of Mexico

The U.S. Secretary of the Interior David Bernhardt and Bureau of Ocean Energy Management (BOEM) announced Thursday that BOEM proposes to offer 77.8 million acres for a region-wide lease sale. The sale is scheduled for August 21, 2019, and would include all available unleased areas in federal waters of the Gulf of Mexico.

“The Trump administration is laser focused on developing our domestic offshore oil and gas resources in an environmentally conscious manner, and the Gulf of Mexico is front and center for that development,” said Secretary Bernhardt. “The expansion of America’s energy sector has been a major economic driver for the American people in keeping energy prices low. Our work in the Gulf of Mexico to ensure America leads the world in energy production is paramount.”

Lease Sale 253 will include approximately 14,585 unleased blocks, located from three to 231 miles offshore, in the Gulf’s Western, Central and Eastern planning areas in water depths ranging from nine to more than 11,115 feet.

The following areas are excluded from the lease sale: blocks subject to the congressional moratorium established by the Gulf of Mexico Energy Security Act of 2006; blocks adjacent to or beyond the U.S. Exclusive Economic Zone in the area known as the northern portion of the Eastern Gap; and whole blocks and partial blocks within the current boundaries of the Flower Garden Banks National Marine Sanctuary.

 “This lease sale is a critical part of BOEM’s multi-faceted effort to secure our nation’s energy future,” said BOEM Gulf of Mexico Regional Director Mike Celata. “Environmentally responsible exploration and development of the Gulf’s vital energy resources continues to help power our nation and drive our economy.”

Terms include a 12.5% royalty rate for leases in less than 200m of water depth, and a royalty rate of 18.75% for all other leases.

This is the fifth offshore sale under the 2017-2022 Outer Continental Shelf Oil and Gas Leasing Program.  The lease sale will be livestreamed from New Orleans.

By Charles Kennedy for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Jim Miceli on July 18 2019 said:
    While many may appreciate Oil and Gas Leases , I believe more floors that become active will reduce the price at the spigot not only glutting the Oil and Gas community , but reducing the community to a squeaky can. No real Oil Man or Woman pumps fuel for free. Get with the program. (WTI) should be at 65.00 plus. Bounce it.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play