In a release posted on its site on Wednesday, the Bureau of Ocean Energy Management (BOEM) announced “the publication of a Proposed Notice of Sale (PNOS) for an oil and gas lease sale in the Gulf of America”.
Lease Sale 262 will offer approximately 15,000 unleased blocks located three to 231 miles offshore across the Gulf’s Western, Central, and Eastern Planning Areas, the release noted. It highlighted that these blocks cover roughly 80 million acres and are situated in water depths ranging from nine feet to more than 11,100 feet.
The release stated that this sale is the first of three planned lease sales in the Gulf of America under the 2024–2029 Outer Continental Shelf Oil and Gas Leasing Program. BOEM noted in the release that it is also in the process of developing a new National Outer Continental Shelf Oil and Gas Leasing Program “that will include additional leasing opportunities”.
Leases awarded through Lease Sale 262 will be for oil and gas exploration and development only, the release stated, adding that certain areas may be excluded from this lease sale, “including blocks subject to the Sept. 8, 2020, presidential withdrawal, blocks adjacent to or beyond the U.S. Exclusive Economic Zone in the northern portion of the Eastern Gap, and blocks within the current boundaries of the Flower Garden Banks National Marine Sanctuary”.
BOEM’s release highlighted that the Notice of Availability for the PNOS will be available for public inspection in the Federal Register on June 26 and will officially be published on June 27.
The publication of the PNOS will initiate a 60 day comment period for the affected state governors and local governments, the release pointed out. Following the comment period, BOEM will issue a Final Notice of Sale in the Federal Register at least 30 days before the scheduled public bid reading, which will be live streamed via Zoom, the release stated.
In the release, BOEM’s Principal Deputy Director Matt Giacona said, “offshore oil and gas play a vital role in our nation’s energy portfolio, with the Gulf of America supplying 14 percent of domestically produced oil”.
“This proposed lease sale demonstrates BOEM’s commitment to advancing American Energy Dominance and fostering the production of affordable, reliable energy resources for the nation,” he added.
BOEM’s Acting Regional Director for the GOA, Laura Robbins, said in the release, “to support robust industry participation, lower production costs, and unleash the full potential of the Gulf of America’s offshore energy reserves, BOEM is proposing a royalty rate of 16 ⅔ percent for both shallow and deepwater leases – the lowest rate for deepwater since 2007”.
In a statement sent to Rigzone after the PNOS was issued, National Ocean Industries Association (NOIA) President Erik Milito said, “this is welcome news and a timely step that reaffirms America’s commitment to offshore energy leadership”.
“We look forward to working with policymakers to ensure the Gulf’s continued contributions to U.S. energy strength for generations to come,” he added.
On April 4, in a statement posted on its website, the U.S. Department of the Interior (DOI) announced that Secretary of the Interior Doug Burgum had directed BOEM to hold the next scheduled oil and gas lease sale in the Gulf. In a statement posted on its site on April 18, the DOI said Burgum had directed BOEM “to initiate the first step in a robust public engagement process to develop a new schedule for offshore oil and gas lease sales on the U.S. Outer Continental Shelf”.
BOEM’s release noted that the Gulf of America Outer Continental Shelf spans approximately 160 million acres and is estimated to contain around 48 billion barrels of undiscovered, recoverable oil and 141 trillion cubic feet of natural gas.
Outer Continental Shelf oil and gas activities generate billions of dollars from lease sales, rental fees, and royalties, the release highlighted, stating that the funds are distributed to the U.S. Treasury, as well as states through several different revenue sharing programs that fund conservation and outdoor recreation across the nation.
To contact the author, email andreas.exarheas@rigzone.com
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