In a statement posted on its website, the Bureau of Ocean Energy Management (BOEM) announced “another major step toward expanding offshore energy development pursuant to the One Big Beautiful Bill Act”.
BOEM noted in the statement that it has released the Final Notice of Sale for Lease Sale Big Beautiful Gulf 2 (BBG2), which it said is the second of 30 Gulf of America lease sales required by the One Big Beautiful Bill Act.
The final notice of sale will be published in the Federal Register on February 5, BOEM revealed in the statement, outlining that this satisfies the requirement for the notice to publish at least 30 days prior to the scheduled lease sale date on March 11.
Lease Sale BBG2 proposes to offer approximately 15,066 unleased blocks covering about 80.4 million acres on the U.S. Outer Continental Shelf in the Gulf of America, BOEM highlighted in the statement, adding that the blocks are located three to 231 miles offshore and span water depths from nine feet to more than 11,100 feet.
BOEM noted in the statement that certain areas will be excluded from the sale, “including blocks subject to the Sept. 8, 2020, presidential withdrawal; blocks adjacent to or beyond the U.S. Exclusive Economic Zone in the Eastern Gap; blocks within the boundaries of the Flower Garden Banks National Marine Sanctuary; [and] any block which received a bid in Lease Sale BBG1”.
In the statement, BOEM Acting Director Matt Giacona said, “lease Sale BBG2 is a key step in advancing BOEM’s offshore oil and gas program in the Gulf of America”.
“Following the strong industry response to Lease Sale BBG1, this proposed sale aims to ensure continued investment in the U.S. Outer Continental Shelf and support American energy independence,” he added.
BOEM noted in its statement that the Gulf of America Outer Continental Shelf spans approximately 160 million acres and is estimated to contain 29.59 billion barrels of undiscovered, technically recoverable oil and 54.84 trillion cubic feet of natural gas.
“Offshore oil and gas leasing on the Outer Continental Shelf generates billions in revenue through lease sales, rental fees, and royalties,” BOEM said in the statement.
“These funds are distributed to the U.S. Treasury and to states via revenue-sharing programs that support coastal restoration, hurricane protection, and other public services and conservation efforts,” it added.
“The General Fund of the U.S. Treasury receives the largest portion of offshore revenues, helping to finance the daily operations of the federal government. In addition, these key revenues generated by OCS development create high-quality jobs, funds infrastructure and education, and contributes to local economies,” it continued.
In a statement posted on its site on November 19, BOEM announced a proposed notice of sale for the second offshore oil and gas lease sale under the One Big Beautiful Bill Act. BOEM noted in that statement that the proposed lease sale was scheduled to take place on March 11.
“Lease Sale BBG2 marks another major milestone in advancing a robust and forward-looking offshore oil and gas program in the Gulf of America,” Giacona said in that statement.
“Building on the momentum of BBG1, this proposed sale reinforces BOEM’s commitment to restoring certainty and long-term investment in the U.S. Outer Continental Shelf,” he added.
In a statement posted on its site on December 10, BOEM announced that it had successfully conducted Lease Sale Big Beautiful Gulf 1.
“The sale generated $300,425,222 in high bids for 181 blocks across 80 million acres in federal waters of the Gulf of America,” BOEM revealed in that statement.
“Thirty companies submitted 219 bids totaling $371,881,093,” it added.
To contact the author, email andreas.exarheas@rigzone.com
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