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December 3, 2013

US to auction 134 blocks in March 2014

US Bureau of Ocean Energy Management (BOEM) has scheduled the auction of oil and gas blocks at the Gulf of Mexico Eastern Planning Area in New Orleans for 19 March 2014.

By admin-demo

US Bureau of Ocean Energy Management (BOEM) has scheduled the auction of oil and gas blocks at the Gulf of Mexico Eastern Planning Area in New Orleans for 19 March 2014.

The scheduled lease sale 225, which is said to be the first sale proposed for the Eastern Planning Area under the 2012-2017 Outer Continental Shelf Oil and Natural Gas Leasing Programme, will follow the proposed Central Planning Area (CPA) Sale 231.

Under the sale, BOEM will auction the 134 unleased blocks, which are located about 125 statute miles offshore in water at depths ranging from 2,657ft to 10,213ft, while covering about 465,200 acres in the Eastern Planning Area.

According to the authorities, the proposed lease sale is expected to result in the production of 710 million barrels of oil and 162 billion cubic feet of natural gas.

BOEM director Tommy Beaudreau said: "This proposed sale is another important step to promote responsible domestic energy production through the safe, environmentally sound exploration and development of the nation’s offshore energy resources."

The sale also includes 93 blocks that are located in Eastern Planning Area Sale 224 and are subject to revenue sharing under the Gulf of Mexico Energy Security Act of 2006 (GOMESA) and offer 37.5% all future revenues generated from the leases to the states of Alabama, Mississippi, Louisiana and Texas.

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Additionally, about 12.5% of revenues generated from the leases are allocated to the Land and Water Conservation Fund.

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