POST Online Media Lite Edition



 

Gulf of Mexico Lease Sale yields more than $120 million in high bids

Christian Fernsby |
In support of President Donald J. Trump's America First Offshore Energy Strategy, Deputy Secretary of the Interior Kate MacGregor and the Bureau of Ocean Management’s Acting Director Walter Cruickshank announced that region wide Gulf of Mexico Lease Sale 256 generated $120,868,274 in high bids for 93 tracts covering approximately 79 million acres in federal waters of the Gulf of Mexico.

Article continues below




A total of 23 companies participated in the lease sale, submitting $135,558,336 in total bids.

Lease Sale 256 included 14,862 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 (three to 3,400 meters).

“The continuation of safe and reliable oil and gas from the Gulf of Mexico is crucial for America's economy and energy portfolio,” said MacGregor. “Lease sales have been held in Gulf federal waters since 1954, and the sustained presence of large deposits of hydrocarbons in these waters will continue to draw the interest of industry for decades to come.”

“Responsible oil and gas development in the Gulf of Mexico hit record production in FY19, ensuring well-paying jobs, revenue for our state partners and for our parks and other public lands, and low energy prices for American families and businesses," said MacGregor.

“The fact that all of the blocks offered today have been offered many times over the last few decades and exceeded expectations by generating $120 million in high bids, demonstrates the long term economic promise contained in the world’s preeminent offshore basin.”

Last year was a record year for American offshore oil production, at 596.9 million barrels, or 15% of domestic oil production, and $5.7 billion in direct revenues to the government. Additionally, offshore oil and gas supported 275,000 total domestic jobs and $60 billion total economic contributions in the U.S.

Revenues received from Outer Continental Shelf (OCS) leases are directed to the newly created National Parks and Public Land Legacy Restoration Fund, as well as the U.S. Treasury, the Land and Water Conservation Fund, the Historic Preservation Fund, and certain Gulf Coast states (Texas, Louisiana, Mississippi, Alabama).

The states use these funds to support coastal conservation and restoration projects; hurricane protection programs; and activities to implement marine, coastal or conservation management plans.

“The Gulf of Mexico is one of the most productive basins in the world, and the development of its resources is essential to our national security,” said Cruickshank. "BOEM's world class scientists work hard to ensure such development is done in a responsible manner while protecting marine life and the environment.”

Leases resulting from this sale will include stipulations to protect biologically sensitive resources, mitigate potential adverse effects on protected species, and avoid potential conflicts associated with oil and gas development in the region.

Lease Sale 256, livestreamed from New Orleans, was the seventh offshore sale held under the 2017-2022 National Outer Continental Shelf Oil and Gas Leasing Program.

Under this program, 10 region wide lease sales are scheduled for the Gulf, where resource potential and industry interest are high, and oil and gas infrastructure is well established. Two Gulf lease sales are scheduled to be held each year and include all available blocks in the combined Western, Central and Eastern Gulf of Mexico Planning Areas.


What to read next

Gulf of Mexico offshore lease brings $178 million
Results of Gulf of Mexico region-wide oil and gas lease
SEIA releases new guide to land leases for solar

U.S.: Locally heavy rain and possible flooding

 
Daily shower and thunderstorm activity is expected to persist across the Southwest and into portions of the Great Basin and Rockies.
 
 

Latest

California launches nation’s largest college savings program for students and newborns
EU countries send help to France to fight against wildfires
Mask mandate returns in New Delhi as COVID cases rise
New Ford Maverick Tremor Off-Road Package revealed

NEWS

Iran seizes vessel with smuggled fuel worth $6.8 million in Persian Gulf

Cuba brings oil depot fire under control
Aer Lingus flight with engine fire makes emergency landing at Bradley Airport, Connecticut
Qantas flight diverted after reportedly being struck by lightning
U.S.: Flood threat for several locations
Thousands evacuated from France’s Gironde as forest fires rage
 

BUSINESS

First 39 train cars of gas coal arrive in Ukraine as humanitarian aid from Australia

Residential construction cancellations still numerous in Germany
Sweden overtakes France to become Europe’s biggest net power exporter
EU businesses on corruption: Greece, Cyprus, Italy and Croatia worst
EIB and UniCredit Bank Austria enable companies to invest in renewable energy and energy efficiency
Gazprom transit request via Ukraine 41.6 mcm
 

Trending Now

U.S.: Locally heavy rain and possible flooding

California launches nation’s largest college savings program for students and newborns

New Ford Maverick Tremor Off-Road Package revealed

EU countries send help to France to fight against wildfires


POLITICS

Scotland improving cancer waiting times

Uzbekistan, Kyrgyzstan, Afghanistan mulling creation of new transport corridor from China
German finance ministry proposes tax relief of 10 bln euros amid high inflation
Nigeria: Buhari approves $1.3 billion Exxonmobil's oil assets acquisition by Seplat
China and Australia not ready to solve disputes
Commission approves Italian scheme under RRF to support biomethane production
 

Today We Recommend

EU businesses on corruption: Greece, Cyprus, Italy and Croatia worst


Highlights 

Inflation in Portugal rises to 30 year high

U.S. inflation eased in July after gasoline and used cars prices fell

Micron to invest $40 billion by 2030 to build U.S. memory plants


COMPANIES

Siemens to start electro-mechanical works in 40 km of Egypt's high-speed electric train soon

Ørsted commits to become first company to have all of its suppliers using 100% renewable electricity by 2025
Airbus Helicopters delivers the world’s first ACH160 to Brazilian customer
Santos buys underground gas pipeline to ease supply crunch
EDF sues French government over electricity sales
DB Schenker launches its first charter flights between Europe and South America
 

CAREERS

Daseke appoints Bruce Blaise to board

Island Pacific appoints Herman Chiu as CFO
Horizon Bancorp appoints Thomas M. Prame as president
Encora appoints Deepak Bhandari as EVP, head of corporate development
Firmenich: Maurizio Clementi interim president of taste and beyond division
Joyce Farms appoints two new leaders
 

ECONOMY

Cyprus imports of goods €1.152,8 mn

Singapore GDP growth narrowed 3.0 to 4.0 percent
Inflation in Portugal rises to 30 year high
U.S. inflation eased in July after gasoline and used cars prices fell
High level of inflation in Estonia will remain
Hungary's inflation hits 13.7 pct in July
 

EARNINGS

METRO Q3 sales increased by 27.2%

Hapag-Lloyd H1 EBITDA $10.9 billion
ThyssenKrupp Q3 sales improved by 26 percent
Honda Q1 net income declines
Ralph Lauren Q1 2023 EPS $1.73
Capri Holdings Q1 profit
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Second vessel enters Chornomorsk Port to transport Ukrainian crops

Morocco: Cereal campaign 2021/2022, production down 67%
Canada expands market for fresh British Columbia cherries to South Korea
Commission approved Finnish program of European Maritime, Fisheries and Aquaculture Fund 2021–2027
Situation with avian influenza improves in France
Number of Italian farms declines by a third in decade
 

LEADERSHIP

If company overcomes post-IPO innovation slump, it will survive longer

62% of consumers will stop buying from brands that compromise products to cut costs
Companies must invest to avoid supply chain scandal or pay the price in lost consumers
How awards, recognition decrease inventors' creativity
Keeping employees is harder than ever. And we don't have good news
How much is 'great resignation' costing companies?
 

CRIME

Healthcare workers in Italy put at risk due to aggravated fraud relating to protective face masks and suits

South Africa's Special Tribunal orders freeze of Transnet executives' assets
New York City announces settlement with Chipotle Mexican Grill securing $20m for 13,000 workers
PwC fined $2 million over BT audit after fraud discovered in Italy
Guardia di Financa finds unregistered foreign company operating in e-commerce
Iowa AG sues tobacco companies over $133 million in withheld payments
 

Magazine

TRAVEL

The SureStay Hotel by Best Western Rockford East opens in Rockford, Illinois

Avani Chaweng Samui Hotel & Beach Club opens in Thailand
Buffalo Bill is coming to Manitowoc with his Wild West show
Pullman Doha West Bay Hotel opens in Qatar
DoubleTree by Hilton hotel opens in Malaysia
Great Dorset Chilli Festival, the hottest festival in UK
 

SEA, LAND, AIR

Porsche unveils newest generation of 911 GT3 R

2023 Subaru Crosstrek sells like hotcakes
New Mercedes‑Benz GLC, at home on any terrain
GMC unleashes new 2023 Sierra 1500 AT4X AEV Edition
First BMW M3 Touring presented
Southern Wind Power of 2, just for you and ocean ahead
 

DESIGN

Nobody's Child, everybody's favorite

Freddy WR.UP, pants that hug you in all the right places
Stylishly luxurious house design
Great design ideas that might not work for you
Garden mirrors, explore new views of your garden
Unusual and highly functional lamps
 

GADGETS

Shure MV7 professional dynamic microphone now available in new limited-edition color

Forget streaming services, use McIntosh MR89 to enjoy AM/FM music
Infinix NOTE 12 PRO, first smartphone powered by MediaTek Helio G99
MW75 active noise-cancelling headphones, variety of new features
Parasound JC 1+ mono power amplifier by John Curl, pure delight
Cambridge Audio SX80, stylish loudspeakers for any room
 

HEALTH

UK launches vaccine booster campaign as polio spreads

New zoonotic virus Langya infects 35 people in China
Germany records first case of monkeypox in child
Denmark to offer monkeypox vaccine to gay men
Guatemala confirms first case of monkeypox
First monkeypox case identified in Moldova
 

MEANTIME

Subsurface water on Mars defy expectations

First detection of gas in circumplanetary disk
Drought increases toxic microbe-laden dust landing in Sierras
Ancient source of oxygen for life hidden deep in Earth's crust
Length of Earth's days has been increasing, scientists don't know why
South Korea launches first lunar orbiter