- The Biden Administration released a five-year preliminary plan on July 1 that would block all new offshore oil drilling in the Atlantic and Pacific oceans, while allowing some drilling in the Gulf of Mexico and the south coast of Alaska. The proposed plan, which has not been finalized, could allow up to 11 lease sales over the next five years. It also includes an option for the administration to conduct no sales. (Source: CNBC 07/01/22) The Department of the Interior is inviting the public to comment on the program. Biden offers drilling option with new oil leases in Gulf of Mexico (cnbc.com)
O&G leases in Western states
The first onshore oil and natural gas lease sales under President Biden fetched $22M from energy companies that gained access to more than 100 square miles of federal land in Western states. Most of the land sold by the Bureau of Land Management was in Wyoming. O&G produced from the land will be hit with an 18.75% royalty fee, up from the 12.5% rate that was charged for roughly a century. (Source: Washington Times 07/01/22) Joe Biden's first oil lease sales on public land net $22 million - Washington Times
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