Here we go again...BOEM setting up for yet another spectacular fail!

I mean, you’d think after the last debacle our goobermint would not hold any more lease auctions till after the price of crude recovers some? Oh well, the majors with the cash on hand must be loving this buyers market!

[B]BOEM to offer 40 million acres in GoM lease sale[/B]

Written by Melissa Sustaita Friday, 11 September 2015 14:01

The US Bureau of Ocean Energy Management (BOEM) will offer 40 million acres for exploration in the proposed Gulf of Mexico Central planning area Lease Sale 241 and Eastern planning area Lease Sale 226 to take place in March 2016.

Image from BOEM Facebook.

The available acres are located offshore Louisiana, Mississippi, and Alabama for oil and gas exploration and development in sales that will include all available unleased areas in the Central and Eastern Gulf of Mexico Planning Areas, BOEM director Abigail Ross Hopper announced today (11 September).

Approximately 7919 blocks that cover 42.1 million acres, and located from 3-230nm offshore, in 9-11,000ft (3-3400m) water depth will be included in lease sale 241. BOEM estimates the proposed lease sale could result in the production of 460-894 MMbbl and 1.9-3.9 Tcf of natural gas.

In the proposed EPA Sale 226, there will be about 175 blocks that cover 595,475 acres. The blocks are located at least 125mi offshore in water depths ranging from 2657-10,213ft (810-3113m). The area is bordered by the Central Planning Area boundary on the West and the Military Mission Line (86º41’W) on the East. It is south of eastern Alabama and western Florida; the nearest point of land is 125mi northwest in Louisiana. BOEM estimates the proposed lease sale could result in the production of 71 MMbbl and 162 Bcf of natural gas.

Proposed CPA Sales 241 and 261 will be the ninth and 10th offshore sales under President Obama’s Outer Continental Shelf Oil and Gas Leasing Program for 2012-2017 (Five-Year Program).

The lease sales will take place in New Orleans, Louisiana, and build on the first eight sales in the current Five-Year Program, which have offered more than 60 million acres and netted nearly US$3 billion for American taxpayers, BOEM said.

“As one of the most productive basins in the world, the Gulf of Mexico is a cornerstone of our domestic energy portfolio, offering vital oil and gas resources that further economic growth and continue to reduce our dependence on foreign oil,” said Hopper. “This lease sale is another important step in promoting responsible domestic energy production through the safe, environmentally sound development of the Nation’s offshore energy resources, while ensuring a fair return to the American people.”

BOEM’s latest lease sale 246 held in August attracted less than stellar results with 33 bids worth $22.7 million.

A total of five offshore energy companies submitted 33 bids on 33 tracts, covering about 190,080 acres. Lease Sale 246 offered 4083 unleased blocks, covering about 21.9 million acres, some 9-250nm offshore in water depths ranging 16-10,975ft (5-3340m).

The GoM Lease Sale 235 held in March, drew in 42 companies with 195 bids on 169 tracts covering about 923,700 acres, worth $538 million.

C.capt, how about the government is doing it now to give the oil comps. a break and get the bids while price is low. The government may be doing this to help them out.