BOEM offers 40 million offshore oil and gas exploration acres in Gulf of Mexico

Source: Bureau of Ocean Energy Management

BOEM offers 40 million offshore oil and gas exploration acres in Gulf of MexicoAs part of the Obama Administration’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau today announced that Interior will offer more than 40 million acres for oil and gas exploration and development in the Gulf of Mexico in March lease sales.

“These lease sales underscore the President’s commitment to create jobs through the safe and responsible exploration and development of the Nation’s domestic energy resources,” said Jewell. “The Five Year Program reflects this Administration’s determination to facilitate the orderly development while protecting the human, marine and coastal environments, and ensuring a fair return to American taxpayers.”

Lease Sale 231 in the Central Planning Area and Lease Sale 225 in the Eastern Planning Area will be held consecutively in New Orleans, Louisiana, on March 19, 2014. The sales will be the fourth and fifth offshore auctions under the Administration’s Outer Continental Shelf Oil and Gas Leasing Program for 2012-2017 (Five Year Program), which makes all areas with the highest-known resource potential available for oil and gas leasing in order to further reduce America’s dependence on foreign oil. The lease sales build on the first three sales in the Five Year Program that offered more than 79 million acres for development and garnered $1.4 billion in high bids.

Domestic oil and gas production has grown each year President Obama has been in office, with domestic oil production currently higher than any time in two decades; natural gas production at its highest level ever; and renewable electricity generation from wind, solar, and geothermal sources having doubled. Combined with recent declines in oil consumption, foreign oil imports now account for less than 40 percent of the oil consumed in America – the lowest level since 1988.

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