07192018Thu
Last updateThu, 19 Jul 2018 4pm

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End-User News

77M Acres in the Gulf of Mexico Up for Oil, Gas Development

The Interior Department is proposing the largest oil and gas lease sale ever held in the U.S. --76,967,935 acres in federal waters of the Gulf of Mexico, offshore Texas, Louisiana, Mississippi, Alabama and Florida. The proposed region-wide lease sale, offering an area about the size of New Mexico, is scheduled for March 2018 and includes all available unleased areas on the Gulf’s Outer Continental Shelf (OCS), surpassing last year’s region-wide lease sale by about one million acres.

The Bureau of Ocean Energy Management estimates that the OCS contains about 90 billion barrels of undiscovered technically recoverable oil and 327 trillion cubic feet of undiscovered technically recoverable gas. The Gulf of Mexico OCS, covering about 160 million acres, has technically recoverable resources of over 48 billion barrels of oil and 141 trillion cubic feet of gas. 

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