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.