Exploration & Production

US offers 30 mln hectares in massive offshore auction

The United States Department of the Interior is offering 30.7 million hectares comprising 14,220 unleased blocks in the Gulf of Mexico.
By Staff reporter 14 July 2017 0 26775

The United States Department of the Interior is offering 30.7 million hectares comprising 14,220 unleased blocks offshore Texas, Louisiana, Mississippi, Alabama and Florida for oil and gas exploration and development, Secretary of the Interior Ryan Zinke announced on Thursday.

The region-wide Lease Sale 249, scheduled for 16 August, "would include all available unleased areas in federal waters of the Gulf of Mexico and provide a reduced royalty rate for shallow-water leases to encourage exploration and production under current market conditions".

This is the first offshore sale under...