Gulf O&G leases March 29

The next round of bids for oil and gas leases in the Gulf of Mexico will largely be limited to the western and central regions, and as far as 200 miles from Louisiana's coast, according to details published Thursday by the Biden administration. The Bureau of Ocean Energy Management (BOEM), which oversees the nation’s offshore leasing program, has issued a proposed notice of sale, which lays out specifics for the federal auction. Lease sales allow companies to bid for space in federal waters and on public lands to explore for oil and gas. The next Gulf lease sale will take place March 29. Amid legal battles over O&G lease sales, the Inflation Reduction Act forced the Biden administration to hold separate lease sales by March and September 2023. The lease sales had previously been canceled due to lawsuits in federal court. BOEM released an environmental impact statement outlining several possibilities for the lease sales. The proposed notice of sale appears to take a route that would open up most of the available spaces in the western and central Gulf sections that either aren’t leased yet or are protected by federal law, according to a map of the proposed area. In line with past practice, areas of the Gulf near the Florida coast are largely off limits. The proposed notice of sale only outlines the blocks that are up for bids. BOEM’s environmental impact statement it could free up to 84M acres for future exploration. Governors from Alabama, Florida, Louisiana, Mississippi and Texas will be allowed to submit comments on the proposed lease sale. After that, BOEM will publish a final notice 30 days before the sale. (NOLA.com 10/20/22) Details for next Gulf of Mexico lease sale have been released; see where it will be | Business News | nola.com