In help of President Donald J. Trump's America-First Offshore Energy Strategy, Deputy Secretary of the Interior David Bernhardt introduced that the Bureau of Ocean Energy Management (BOEM) will supply roughly 78 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and fuel exploration and improvement. The region-wide lease sale scheduled for Aug. 15, 2018, contains all accessible unleased areas in federal waters of the Gulf of Mexico.
“Responsibly creating our offshore power assets is a significant pillar of this Administration’s power technique,” stated Deputy Secretary Bernhardt. “We stay up for this essential sale, because the Gulf of Mexico continues to be the crown jewel of the Outer Continental Shelf. A powerful offshore power program helps tens of hundreds of well-paying jobs and gives the inexpensive and dependable power Americans must warmth properties, gasoline our vehicles, and energy our economic system.”
Lease Sale 251, scheduled to be livestreamed from New Orleans, would be the third offshore sale below the National Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022. Under this program, ten region-wide lease gross sales are scheduled for the Gulf, the place useful resource potential and business curiosity are excessive, and oil and fuel infrastructure is properly established. Two Gulf lease gross sales might be held annually and embody all accessible blocks within the mixed Western, Central, and Eastern Gulf of Mexico Planning Areas.
“Powering America and defending the offshore surroundings will not be mutually unique,” stated Counselor to the Secretary for Energy Policy, Vincent DeVito. “We can do each. American power manufacturing may be aggressive, whereas remaining secure and environmentally sound. This lease sale is only one piece of the Administration’s complete effort to safe our Nation’s power future.”
Lease Sale 251 will embody roughly 14,622 unleased blocks, situated from three to 231 mi offshore, within the Gulf’s Western, Central and Eastern planning areas in water depths starting from 9 to greater than 11,115 ft (three to three,400 m). The Gulf of Mexico OCS, protecting about 160 million acres, incorporates about 48 Bbbl of undiscovered technically recoverable oil and 141 Tcf of undiscovered technically recoverable fuel.
Additionally, BOEM has included acceptable fiscal phrases that consider market situations and guarantee taxpayers obtain a good return to be used of the OCS. These phrases embody a 12.5% royalty price for leases in lower than 200 m of water depth, and a royalty price of 18.75% for all different leases issued pursuant to the sale, in recognition of present hydrocarbon value situations and the marginal nature of remaining Gulf of Mexico shallow water assets.
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