US To Auction 24 Million Acres for Oil, Gas Exploration in Gulf of Mexico

The US Bureau of Ocean Energy Management (BOEM) said on Friday it would auction in August 23.8 million acres offshore Texas for oil and gas exploration in a bid to ramp up domestic production.

The area is expected to produce economically recoverable hydrocarbons of between 116 million and 200 million barrels of oil and between 538 billion and 938 billion cubic feet of natural gas, the bureau has estimated.
The auction, which includes all unleased areas in the Western Gulf of Mexico Planning Area, will take place on August 24, 2016 and will be broadcast live on the Internet, as BOEM strives to achieve higher government transparency and efficiency.

The 248 Lease Sale will include 4,399 blocks, located in depths ranging between 16 feet and 10,975 feet.

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Under the 2017-2022 Proposed Program Lease Sale Schedule, the BOEM plans to auction 10 areas in the Gulf of Mexico and 3 areas in the Alaska Region.

Full article: US To Auction 24 Million Acres for Oil, Gas Exploration in Gulf of Mexico (OilPrice)